The commitments mark a victory for lawmakers and advocates who want the Biden administration to enlist Treasury's sweeping influence to address the dangers that climate change poses to the economy.
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Yellen vows to set up Treasury team to focus on climate, in victory for advocates
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Treasury secretary nominee Janet Yellen on Tuesday pledged to create a team to focus on climate change, in a move that's likely to put the powerful agency at the forefront of the Biden administration's efforts to combat what she called an "existential threat." In a hearing before the Senate Finance Committee, Yellen said she planned to start a new Treasury "hub" that would examine financial system risks arising from climate change and on related tax policy incentives. She also intends to appoint a "very senior-level" official to lead climate efforts. "We should take these risks very, very seriously," Yellen said, in response to a question from Sen. Sheldon Whitehouse (D-R.I.). Yellen's promise was the latest evidence that climate change will be a fundamental consideration in a wide range of actions undertaken by the new administration. It's a dramatic shift after the Trump administration spent four years pulling back on climate policy.
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