Three U.S. senators blasted the Treasury Department on Thursday for its failure to act more swiftly to counter climate risks, and urged Secretary Janet Yellen to appoint a new climate counselor to lead the effort.
"Treasury has been central to delivering on the Biden Administration’s climate agenda," she said, when asked about the senators' letter. "The Climate Hub has played a critical role coordinating this overall agenda and providing expertise to support climate-related policy development and implementation."
In their letter, the senators also faulted Treasury's leadership of climate work by the Financial Stability Oversight Council, which identified climate change as an "emerging and increasing threat to U.S. financial stability" in October 2021. The senators also said Treasury had failed to use its power as the largest shareholder in the International Monetary Fund to halt lending that enabled fossil fuel expansion in other countries, noting that other countries were moving faster.
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