The potential risk that climate change poses to America’s financial system will be the focus of an effort led by Treasury Secretary Janet Yellen. The regulatory assessment is part of a wide-ranging Biden administration initiative to combat climate change.
to assess the potential risk that climate change poses to America’s financial system, part of a wide-ranging initiative launched by the Biden administration., will examine whether banks and other lending institutions are properly assessing the risks to financial stability. She chairs the committee, which includes Treasury, the Federal Reserve, the Securities and Exchange Commission and other financial regulators.
Banking executives are concerned that the administration’s effort could lead to increased regulatory oversight that will drive up banks’ cost of doing business and lessen their ability to make loans. She said the administration is backing international efforts to mobilize $100 billion per year from a variety of public and private sources to support efforts by developing countries to combat climate change.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UPDATE 1-US's Yellen urges better coordination on carbon policyU.S. Treasury Secretary Janet Yellen called on Friday for better international coordination on carbon-cutting policies to avoid trade frictions, days before the European Union is due to unveil a controversial carbon border tax. The EU's carbon border adjustment mechanism (CBAM) would impose levies on the carbon content of imported goods in an effort to discourage 'carbon leakage', the transfer of production to countries with less onerous emission restrictions. Speaking as G20 finance ministers met in Venice, Yellen said there were multiple paths to achieve the emissions cuts needed to tackle climate change besides explicit carbon-pricing.
Read more »
U.S.'s Yellen says will try to address concerns of tax deal holdout countriesU.S. Treasury Secretary Janet Yellen said on Saturday that she would work to try to address the concerns of holdout countries that have not signed onto a global corporate tax deal, but added that it wasn't necessary for all nations to adopt it.
Read more »
U.S.'s Yellen says will try to address concerns of tax deal holdout countriesU.S. Treasury Secretary Janet Yellen said on Saturday that she would work to try to address the concerns of holdout countries that have not signed onto a global corporate tax deal, but added that it wasn't necessary for all nations to adopt it.
Read more »
UPDATE 1-US's Yellen urges better coordination on carbon policyU.S. Treasury Secretary Janet Yellen called on Friday for better international coordination on carbon-cutting policies to avoid trade frictions, days before the European Union is due to unveil a controversial carbon border tax. The EU's carbon border adjustment mechanism (CBAM) would impose levies on the carbon content of imported goods in an effort to discourage 'carbon leakage', the transfer of production to countries with less onerous emission restrictions. Speaking as G20 finance ministers met in Venice, Yellen said there were multiple paths to achieve the emissions cuts needed to tackle climate change besides explicit carbon-pricing.
Read more »
The West is caught in a vicious climate change feedback loopAfter a heat wave in the Pacific Northwest, historic heat threatens records again, particularly in the Southwest. Scientists say heat and drought are each exacerbating the other — a vicious feedback loop that climate change is making even harder to break.
Read more »