U.S. Treasury’s Yellen says corporate climate commitments help manage financial risks

FILE PHOTO: Yellen holds a news conference in Washington
FILE PHOTO: U.S. Treasury Secretary Janet Yellen, the former Federal Reserve chair, holds a news conference in Washington, U.S. December 13, 2017. REUTERS/Jonathan Ernst

April 21, 2021

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen said on Wednesday that companies setting ambitious carbon reduction targets are already helping financial institutions manage climate-related risks and helping support a transition to a low-carbon economy.

In remarks to a Glasgow Finance Alliance for Net Zero event, Yellen such corporate commitments align with the Biden administration’s policy objectives.

“They also help financial institutions manage the risks and opportunities associated with the transition, while sending a powerful signal to global financial markets,” Yellen added.

(Reporting by David Lawder)