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The U.S. Treasury Building. Photo: Robert Alexander/Getty Images)

The Treasury Department offered more information Monday on plans to expand its focus on global warming, and said John E. Morton, a climate finance expert who served in the Obama administration, will lead the efforts.

Why it matters: Announcement of the new "Climate Hub" and Morton's appointment signal how the Biden administration is stitching climate policy into the fabric of agencies across the government.

The big picture: Treasury said the Hub would "coordinate and enhance" work to "facilitate and unlock" financing for climate-friendly investments; make environmental justice central to Treasury's efforts; work to mitigate climate-related risks to the financial system; and more.

  • They said the "Hub" would draw on expertise and resources from across Treasury.
  • The announcement comes ahead of the virtual international summit the White House is hosting later this week, where one focus will be marshaling more financial resources.

Catch up fast: Morton, who will report directly to Secretary Janet Yellen, comes to Treasury from his job as a partner at Pollination Group, a climate advisory and investment firm.

  • Per Reuters, at the firm he "worked with 'high ambition' companies that set corporate emission reduction and clean investment targets but didn't have firm plans in place and helped them take concrete steps to match their pledges."
  • In the Obama administration, he served as senior director for energy and climate change at the National Security Council, and before that was a senior official with the U.S. Overseas Private Investment Corporation (which is now the U.S. International Development Finance Corp.).

What they're saying: "Climate change requires economy-wide investments by industry and government as well as actions to measure and mitigate climate-related risks to households, businesses, and our financial sector," Yellen said in a statement.

Go deeper

U.S. and China agree to take joint climate action

US Special Presidential Envoy for Climate John Kerry waves as he arrives at the Elysee Presidential Palace on March 10, 2021 in Paris. Photo: Chesnot/Getty Images

Despite an increasingly tense relationship, the U.S. and China agreed Saturday to work together to tackle global climate change, including by "raising ambition" for emissions cuts during the 2020s — a key goal of the Biden administration.

Why it matters: The joint communique released Saturday evening commits the world's two largest emitters of greenhouse gases to work together to keep the most ambitious temperature target contained in the Paris Climate Agreement viable by potentially taking additional emissions cuts prior to 2030.

The U.S. credibility chasm on climate change

Illustration: Aïda Amer/Axios

The biggest hurdle for President Biden in winning new emissions reduction commitments at this week's White House summit is America's on-again, off-again history of climate change efforts.

Why it matters: The global community is off course to meet the temperature targets contained in the Paris Climate Agreement. The White House wants the summit Thursday and Friday to begin to change that.

John Frank, author of Denver
Apr 19, 2021 - Axios Denver

Colorado CEOs take lead role on climate activism

Illustration: Eniola Odetunde/Axios

Colorado's corporate leaders are becoming increasingly engaged on political issues — particularly when it comes to climate and the environment.

Why it matters: It reflects a national trend that has seen CEOs of respected brands move into a role as the 4th branch of government, serving both as a spur and a check on politicians.