U.S. Treasury eyes corporate tax system as way to tackle climate change

FILE PHOTO: Janet Yellen, now U.S. Treasury secretary, speaks during a panel discussion in Atlanta in 2019
FILE PHOTO: Janet Yellen speaks during a panel discussion at the American Economic Association/Allied Social Science Association 2019 meeting in Atlanta, Georgia, U.S., January 4, 2019. REUTERS/Christopher Aluka Berry/File Photo

April 16, 2021

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen and Deputy Secretary Wally Adeyemo met with environmental groups on Friday to discuss ways to leverage the corporate tax system to help address climate change, Treasury said in a statement.

Yellen discussed the importance of “using all the tools at our disposal, including the tax code, to drive toward net-zero emissions,” the statement said. She noted that President Joe Biden’s proposed tax changes would begin to modernize how the United States treats the fossil fuel industry by removing subsidies that date back to the early 1900s, the statement said.

(Reporting by Andrea Shalal; Editing by Leslie Adler)