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ARTICLE · 09 NOVEMBER 2021

Federal Financial Regulators Support Climate Objectives

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At the 26th UN Climate Change Conference of the Parties in Glasgow, Treasury Secretary Janet L. Yellen applauded private sector support for financing the transition to a net-zero economy.

United StatesFinance and Banking
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At the 26th UN Climate Change Conference of the Parties ("COP26") in Glasgow, Treasury Secretary Janet L. Yellen applauded private sector support for financing the transition to a net-zero economy. Secretary Yellen stated that financial institutions collectively managing almost $100 trillion have joined together under The Glasgow Financial Alliance for Net Zero, pledging carbon-neutral portfolios by 2050 and reduced emissions by 2030.

Secretary Yellen stated that resiliency against climate-related risks must be built into the financial system through enhanced climate-related data and disclosure, in accordance with Executive Order 14030 ("Climate-Related Financial Risk") and the Financial Stability Oversight Council's recent recommendations. Secretary Yellen also called attention to the G20 Sustainable Finance Roadmap.

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