Aug 3, 2021 - Politics & Policy

Democrats press Treasury on climate plans

Elizabeth Warren holding a money bag.
Illustration: Sarah Grillo/Axios

Three Democratic senators including Elizabeth Warren hope to shake loose information about Treasury Department plans to harden the financial system against climate risks and mobilize climate finance.

Why it matters: Treasury's response to their new letter could provide details about what's planned and underway at the department that's slated to play a key role in the White House climate agenda.

Driving the news: The senators' letter to John Morton, who leads Treasury's climate "hub" unveiled in April, says they've seen "few reports" of how it's working.

Warren, Kirsten Gillibrand and Chris Van Hollen want details by Aug. 16 on questions including...

  • How Treasury is coordinating financial regulators on climate risk and its timeline for those steps.
  • Whether Treasury has provided risk guidance to the financial sector, and the contents if so.

Quick take: The senators' public letter looks like an effort to keep pressure on Treasury to keep climate high on its agenda.

Catch up fast: Treasury Secretary Janet Yellen's public remarks and meetings offer a window into Treasury's efforts.

  • For instance, Yellen met recently with heads of multilateral development banks to push for more climate finance.
  • In May she outlined how she plans to work with the Treasury-led Financial Stability Oversight Council on climate-related financial risks.
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