Treasury Secretary Janet Yellen Claims Effects Of Climate Change Could ‘Cascade Through The Financial System’ | Eastern North Carolina Now

Treasury Secretary Janet Yellen contended on Tuesday that climate change may lead to “declines in asset values” and warned that a “delayed and disorderly transition” to renewable energy sources could harm the financial system.

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    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Ben Zeisloft.

    Treasury Secretary Janet Yellen contended on Tuesday that climate change may lead to "declines in asset values" and warned that a "delayed and disorderly transition" to renewable energy sources could harm the financial system.

    Yellen delivered the comments at the first meeting of the Climate-Related Financial Risk Advisory Committee, a body created to "understand and mitigate the risks that climate change poses" to economic stability. The economist's remarks correspond to assertions from other Biden administration officials who have claimed that carbon emissions may impact the economy.

    "As climate change intensifies, natural disasters and warming temperatures can lead to declines in asset values that could cascade through the financial system," Yellen said in prepared remarks obtained by The Daily Wire. "And a delayed and disorderly transition to a net-zero economy can lead to shocks to the financial system as well. These impacts are not hypothetical. They are already playing out."

    Yellen cited storms and wildfires in California, Florida, and Louisiana as evidence that climate change is posing economic harm, even as scientists reject the notion that there is a proven link between individual weather phenomena and a warming climate. "Taking climate change into account is prudent risk management," Yellen nevertheless continued. "Our work builds on the scientific consensus regarding the projected effects of climate change and is based on a widely accepted understanding of how the financial system works."

    Members of the Climate-Related Financial Risk Advisory Committee include Catherine Ansell, the executive director of climate risk at investment bank JPMorgan Chase, as well as Cecilia Martinez, the principal advisor for resilience and communities at the Bezos Earth Fund. Several academics also sit on the body, which was established by the Financial Risk Advisory Committee last year, according to a press release from the Treasury Department.

    "Some of you have very specialized expertise in modeling climate risks and working with climate data," Yellen said. "Others have experience helping financial institutions respond to and manage their own climate risks. And others have experience advancing environmental justice. I'm excited for this group to begin meeting, and for us to benefit from your expertise."

    The first meeting of the Climate-Related Financial Risk Advisory Committee occurs after the Labor Department introduced a final rule that would allow retirement fiduciaries to weigh "the economic effects of climate change and other ESG considerations" as long as such concerns are relevant to a risk-and-return analysis. The new rule, which reverses a prohibition formerly created under former President Donald Trump, would "safeguard the financial security of America's families, businesses and workers from climate-related financial risk that may threaten the life savings and pensions of America's workers and families."

    Republican members of the House and Senate, as well as a handful of Democrats, overturned the final rule last week. President Joe Biden is expected to veto the lawmakers' resolution.

    Critics of the environmental, social, and corporate governance movement, often abbreviated as ESG, assert that the investment philosophy mingles political and social causes, such as reducing carbon emissions and achieving racial diversity, in a manner that compromises or distracts from profitability. The previous rule established by the Trump administration barred retirement fund managers from "selecting investments based on non-pecuniary considerations" and required them to "base investment decisions on financial factors" alone.

poll#162
In what may be the most divisive period in modern American History, even more divisive than the turbulent sixties due to today's lack of patriotism, consider what are the major catalysts causing so much of this calamity of conflict, and vote: What most instigates the division of America, on this day September 20, 2022?
  Racism within our society
  Sex realignment to the detriment of our society.
  Biden /Harris Wide Open Southern Border Policy for the Demographic Upheaval of OUR Constitutional Republic
  Rampant Crime in Democratic controlled cities, and the possible contagion elsewhere
  Covid Pandemic, and its mishandling at the political, and bureaucratic levels.
  The unresolved questions /allegation regarding the flawed 2020 General Election
  January 6th Riot or "Armed Insurrection", depending upon patriotic perspective
  Joe Biden as Divisive Leader; Ineffective and Corrupt Executive
  Failed Education Industry, from an overall perspective, regarding all levels of education.
  Propagandistic Media in complete conflict with the First Amendment's guarantee of Freedom of Speech, and the awesome responsibility of a Free Press..
  "Orangeman Bad!"
  Bureaucracy rushing to a behemoth size, its unjustified expense, and far too often overreach.
  The Weaponized Deep State for political purposes
  A secular ambivalence to all that is real.
  Record number of overdose deaths from opioids and now Fentanyl
  Biden Administration's disastrous Foreign Policy
  Bidenflation /supply chain failure inevitably evolving into stagflation and recession.
  "Ultra MAGA Extremists" freely speaking louder AND LOUDER!
927 total vote(s)     What's your Opinion?


poll#169
Considering how abjectly corrupt and civilly abusive the Left has become regarding the corrosive effect of their elected leaders; their entrenched and ruling bureaucracy; employing their failed Education Industry as Indoctrinators; their collusive private sector operators, such as the terminally discredited Legacy Media and Big Tech censorship of Free Speech: What will be the best course forward for hardworking Middle Americans, including the Patriot Class?
  Withdraw from society, go underground and plan for a resurgence when it is feasible to do so.
  Work within the confines of better policy by the People's government, once good sense and sanity is restored in the electorate at large, to achieve such.
  Are you a crazy, nut-job Insurrectionist? Everything is perfect within our plan to achieve our intended goals for the Socialist Left.
  Secession to form a true Constitutional Republic.
437 total vote(s)     What's your Opinion?

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