Yellen from the US Treasury vows to work with international group of climate finance ministers By Reuters

Several senior State Department officials leave posts: officials

© Reuters. FILE PHOTO: US President-elect Joe Biden announces members of his economic policy team in Wilmington, Delaware.

WASHINGTON (Reuters) – The U.S. government under President Joe Biden is working closely with the international community to address climate change, scale up climate finance and leverage additional private investment, the Treasury Secretary said Tuesday. , Janet Yellen. Yellen said in her first meeting with the Coalition of Finance Ministers for Climate Action, a two-year group that Washington joined last week, that the U.S. Treasury would play a critical role in a whole-of-government push to reach an ambitious 2030 emissions target under the 2015 Paris climate accord. Biden is due to announce the target at a climate change leaders summit later this month, a radical departure from the actions of his predecessor, Donald Trump, who withdrew the United States from the climate agreement. “Climate, by its very nature, requires strong global cooperation,” Yellen told the group. “We lost four important years and we recognize that many of you in the room have led change in your own countries.” At a virtual gathering on the sidelines of the Spring Meetings of the International Monetary Fund and the World Bank, the group also welcomed seven other new member finance ministers from Belgium, Burkina Faso, Japan, South Korea, Kyrgyzstan, Malaysia and Rwanda, bringing its ranks to 60. The coalition said in a statement that ministers recognized the growing momentum for action on climate change and shared perspectives on using large-scale stimulus spending to help drive the transition. Towards a low carbon economy. Yellen said the Treasury was working through the US Financial Stability Oversight Board and in international forums to examine data on the financial risks of climate change and mitigate its potential systemic consequences. He said the Treasury was also supporting international efforts to “better identify climate-aligned investments and encourage financial institutions to credibly align their portfolios and strategies with the goals of the Paris Agreement.” At the same time, the Treasury was working with the White House, Congress, and others to ensure that national economic programs and fiscal policies supported US climate goals, including a transition to a decarbonized economy, building infrastructure. weather resistant and supporting equity and well-being. paid jobs. Yellen said the Treasury is also looking to scale up climate finance and use such tools to leverage additional private investment.

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