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Senators ask Treasury for additional climate finance regulation (2023)
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The Treasury Department released guidelines on September 19 aiming to promote net-zero finance. The next day, six left-leaning senators, including Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.), sent a letter to Treasury Secretary Janet Yellen encouraging her to enact additional financial regulations related to climate and carbon emissions.
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In a letter sent to the Treasury last week, Democratic senators Warren, Martin Heinrich, Edward Markey, Sheldon Whitehouse and Jeffrey Merkley, as well as Sanders, an independent, welcomed the department's work on the issue so far but called for "added urgency" given increasing risks. The Treasury should act now - including through its role as head of the multi-regulator Financial Stability Oversight Council (FSOC) - to address systemic risks becoming evident in a crash in coastal property values, insurance market failures, and uninsurable wildfire risks, they said. "As climate financial impacts grow, the Climate Hub and Treasury must pursue with added urgency all available measures to address the climate crisis and its threat to the stability of our financial system," the senators wrote in the Sept. 20 letter, which was first reported by Reuters. … The senators called on Treasury Secretary Janet Yellen and newly appointed climate counselor Ethan Zindler, a climate and clean energy research executive, to do more to protect the U.S. economy from what Yellen has described as the "existential threat" posed by climate change. … The senators welcomed the Treasury's new voluntary principles for "net-zero" financing commitments, but said there were gaps in the guidance and that the department should make clear all large financial institutions should have a credible transition plan. They also repeated earlier calls for stronger Internal Revenue Service enforcement of rules on political activity by nonprofit organizations, citing efforts by special interests to fuel climate change denial, and investigations into how such funding could be obstructing more action on the climate crisis.[1] |
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See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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