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Yellen to tell Bank of America CEO, others to speed up climate investments -Breaking


© Reuters. FILE PHOTO. U.S. Treasury secretary Janet Yellen and Paschal Donohoe, Irish Finance Minister, attend a news conference at Government buildings, Dublin, Ireland on November 1, 2021. REUTERS/Clodagh Kilcoyne

WASHINGTON, (Reuters) – U.S. Treasury secretary Janet Yellen will call on financial institutions to have a greater sense of urgency about investing in net zero economy during meetings with Bank of America’s (NYSE:) chief executive officer and others.

John Morton was a former adviser to private equity and Treasury’s first climate counselor. He told reporters that Yellen will explain the new U.S. policies aimed toward moving towards a cleaner energy economy and help to understand how to speed up work from the private sector.

Morton said that the Secretary would both acknowledge the commitments made, and instill a sense of urgency before the meeting at the United Nations Conference on Climate.

To fund the gap between $2 trillion and $3 trillion per year, he said that mobilizing capital from the private sector was essential to finance a global net zero economy. He also added billions of dollars pledged by governments.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.