Janet Yellen on Energy & Oil

	Janet Yellen on Energy & Oil

Climate change an existential threat to our environment

On the climate change issue, Yellen reiterated concerns that she has shared on the issue and have been voiced by several Fed officials. The central bank recently has established a pair of committees that will examine what big banks should be doing to brace against climate-related events. "It's an existential threat to our environment, and it poses a tremendous risk to our country's financial stability," Yellen said. Source: CNBC on 2021 Biden Administration , Mar 31, 2021

Support low-income countries pursuing their climate goals

We must have frank, open, and sometimes difficult discussions about how to share the burdens and opportunities of transitioning our economies toward a more sustainable, equitable, and prosperous future. While we address the difficulties transitioning our own economies, we should also support low-income countries as they pursue their climate goals, balanced with their development objectives. A truly collective and multilateral response is the only realistic solution to this global challenge. Source: Treasury letter to G20: 2021 Biden Administration , Feb 25, 2021

Can't solve climate crisis without effective carbon pricing

During her confirmation hearing, Yellen talked about climate change as a priority, describing it as an existential threat and a risk to the financial system. In response to senators' questions, she wrote that she believes "we cannot solve the climate crisis without effective carbon pricing" and that President Joe Biden "supports an enforcement mechanism that requires polluters to bear the full cost of the carbon pollution they are emitting." Source: TheConversation.com blog on 2021 Biden Cabinet , Jan 19, 2021

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