On Tuesday, September 19, Secretary of the Treasury Janet L. Yellen will deliver remarks in New York at the Bloomberg Transition Finance Action Forum to announce the release of the Treasury Department’s Principles for Net-Zero Financing & Investment and associated philanthropic and civil society pledges. The following are excerpts from the Secretary’s remarks as prepared for delivery.
“The physical impacts of climate change are impossible to ignore. We’ve seen record-breaking heatwaves that have led to a tragic spike in heat-related deaths and hospitalizations. Unprecedented storms and wildfires are destroying homes and undermining livelihoods. Vulnerable populations globally are disproportionately affected because of where they live and the industries in which they work, and low-income Americans are no exception. Such events impose significant economic costs.”
“There’s increasing demand for technologies, products, and services that will reduce greenhouse gas emissions and support a clean energy future. This demand is fueling growth in new industries and business models.”
“Researchers have estimated that there are over $3 trillion in global investment opportunities associated with the transition to net zero each year between now and 2050. In the U.S., this means hundreds of billions in investment opportunities to enhance power generation and the electrical grid, retrofit buildings, and make advancements in agriculture, manufacturing, and transportation.”
“There is extensive evidence showing that the changing climate has significant financial impacts. Without considering these factors, financial institutions risk being left behind with stranded assets, outdated business models, and missed opportunities to invest in the growing clean energy economy.”
“We are proud to launch the Net-Zero Principles in response. Our goal is to affirm the importance of credible net-zero commitments and to encourage financial institutions that make them to take consistent approaches to implementation. Our work will also help institutions that have not yet made commitments see what doing so might entail.”
“As Treasury Secretary, I and my colleagues at the Treasury Department are charged with the task of identifying risks to our economy and opportunities for building our economic strength. Climate change creates both. And as the impacts on our lives and our economies mount, the risks and opportunities increase.”
