Yellen to Push for Aligning U.S. Portfolios With Climate Goals

(Bloomberg) -- Treasury Secretary Janet Yellen on Tuesday outlined her department’s plans on climate change, including addressing the risks to financial institutions through regulatory coordination and encouraging firms to “align their portfolios and strategies” with the Paris Agreement’s goals of limiting global warming.

The agency will also seek to align tax policy with climate goals, “including a transition to a decarbonized economy,” Yellen said in the text of remarks she’s scheduled to deliver at a virtual meeting of global finance ministers.

The remarks continue the Biden administration’s drumbeat on its intentions to re-energize the U.S. role in international affairs. The comments also follow a speech Yellen gave Monday marking the beginning of the International Monetary Fund’s spring meetings, in which she emphasized the Biden administration aim to end four years of unilateralist foreign policy under President Donald Trump.

“After sitting on the sidelines for four years, the United States is committed to doing its part,” she said Monday. “Climate, by its very nature, requires strong global cooperation.”

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