The United States wants to increase the volume of its climate finance, and work together with the international community to fight climate change, US Treasury Secretary Janet Yellen said on Tuesday.
“The climate issue, by its very nature, requires strong global cooperation. We have lost four important years, and we recognize that many of you have been at the forefront of change in your own country,” Ms. Yellen said during its first meeting with the Coalition of Finance Ministers for Climate Action, adding that the United States was happy to have joined the coalition last week.
“Ministries of finance have a vital role to play, and we have a lot to learn from each other on how to integrate climate into our financial planning and decision-making,” she said.
Ms. Yellen said the U.S. Treasury participates in various international forums and works through the U.S. Financial Stability Supervisory Board to understand and mitigate the risks that climate change poses to the stability of the financial system and to the economy. macroeconomics in the United States and beyond.
“We also support international efforts to better identify climate-sensitive investments, and we encourage financial institutions to credibly align their portfolios and strategies with the goals of the Paris Agreement,” a- she asserted.
At the same time, the U.S. Department of the Treasury is also working with the White House, Congress, and other entities to ensure that tax policies and national economic programs are aligned with U.S. climate goals, including building climate-resilient infrastructure and facilitating the transition to a low-carbon economy, according to Ms. Yellen.
“We are looking to scale up our climate finance, and use these tools to leverage additional private investment,” she said.
Ms. Yellen also indicated that she was happy to co-chair the Group for Sustainable Finance which has just been created by the G20. This group provides an important platform to tackle these kinds of issues and promote a financial system capable of supporting efforts to meet international climate and other sustainability goals.
Ms. Yellen made the remarks shortly after the US Federal Reserve created two new working groups to assess climate-related financial risks, as climate change is likely to have a severe economic and financial impact in countries. years to come.