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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.

Go deeper

The climate fight hits cities

Illustration: Sarah Grillo/Axios

As world leaders meet in Glasgow at the United Nations climate summit — COP26 — to set the global agenda in the climate fight, cities are developing their own plans to stay resilient.

Why it matters: Cities are on the front lines of climate change, dealing with power outages, floods and fires — and they're often acting more swiftly than countries to combat the crisis.

New report warns COP26 negotiators that new pledges are inadequate

Climate change activists dressed as world leaders, pose for a photograph during a demonstration in the Forth and Clyde Canal in Glasgow on November 9, 2021, during the COP26 UN Climate Change Conference. (Andy Buchanan/AFP via Getty Images)

GLASGOW, Scotland -- A new analysis released during the COP26 climate summit finds that despite additional countries' pledges to cut greenhouse gas emissions by 2030 and reach net zero by 2050, nations are still on a course to be emitting twice the amount of greenhouse gas emissions in 2030 than would be consistent with the Paris Agreement's more ambitious temperature target.

Why it matters: As negotiators work this week to hammer out the text of a climate agreement, they are now more aware of the large gap that exists between commitments to date and what is needed to avert far worse climate change impacts.

Biden's pick to lead major banking regulator drops out

Saule Omarova, nominee for Comptroller of the Currency, at a confirmation hearing on Nov. 18. Photo: Anna Moneymaker/Getty Images

President Biden's pick to head one of the country's most powerful banking regulators is dropping out of consideration for the post, according to a statement from Biden that accepted the withdrawal.

Why it matters: Saule Omarova, nominated to lead the Office of the Comptroller of the Currency, faced a tough path to confirmation — with opposition from Republicans and moderate Democrats.