{"id":1870844,"date":"2023-03-07T16:56:08","date_gmt":"2023-03-07T21:56:08","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/treasury-secretary-janet-yellen-claims-effects-of-climate-change-could-cascade-through-the-financial-system\/"},"modified":"2023-03-07T17:20:03","modified_gmt":"2023-03-07T22:20:03","slug":"treasury-secretary-janet-yellen-claims-effects-of-climate-change-could-cascade-through-the-financial-system","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/treasury-secretary-janet-yellen-claims-effects-of-climate-change-could-cascade-through-the-financial-system\/","title":{"rendered":"Treasury Secretary Janet Yellen Claims Effects Of Climate Change Could \u2018Cascade Through The Financial System\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftreasury-secretary-janet-yellen-claims-effects-of-climate-change-could-cascade-through-the-financial-system%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1870844&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p> <a href=\"https:\/\/www.dailywire.com\/topic\/treasury-department\" target=\"_blank\" rel=\"noopener\">Treasury<\/a> Secretary <a href=\"http:\/\/dailywire.com\/topic\/janet-yellen\" target=\"_blank\" rel=\"noopener\">Janet Yellen<\/a> On Tuesday, they argued that <a href=\"http:\/\/dailywire.com\/topic\/climate-change\" target=\"_blank\" rel=\"noopener\">climate change<\/a> This could lead to &#8220;declines in asset values&#8221; Warning: &#8220;delayed and disorderly transition&#8221; Renewable energy could cause damage to the environment <a href=\"http:\/\/dailywire.com\/topic\/economy\" target=\"_blank\" rel=\"noopener\">financial<\/a> system.<\/p>\n<p>Yellen made the remarks at the Climate-Related Financial Risk Advisory Committee&#8217;s first meeting. This committee was created in order to address climate-related financial risk. &#8220;understand and mitigate the risks that climate change poses&#8221; Economic stability. According to the economist, these remarks echo statements from Biden officials that carbon emissions can have an economic impact.<\/p>\n<p>&#8220;As climate change intensifies, natural disasters and warming temperatures can lead to declines in asset values that could cascade through the financial system,&#8221; Yellen spoke in prepared remarks, which were received by The Daily Wire. &#8220;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.&#8221;<\/p>\n<p>Yellen cited California wildfires and storms that erupted in Florida and Louisiana to prove climate change&#8217;s economic impact, even though it was not supported by scientists. <a href=\"https:\/\/www.dailywire.com\/news\/after-newsom-others-tie-california-weather-to-climate-change-experts-say-not-so-fast\" target=\"_blank\" rel=\"noopener\">reject<\/a> It is believed that certain weather phenomena are connected to a warmer climate. &#8220;Taking climate change into account is prudent risk management,&#8221; Yellen nevertheless continued. &#8220;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.&#8221;<\/p>\n<p>Catherine Ansell (executive director, climate risk, investment bank JPMorgan Chase), and Cecilia Martinez (principal advisor, resilience, communities, at the Bezos Earth Fund) are both members of the Climate-Related financial Risk Advisory committee. The Financial Risk Advisory Committee established the committee last year. According to a report, many academics sit on this body. <a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy0987\" target=\"_blank\" rel=\"noopener\">press release<\/a> The Treasury Department.<\/p>\n<p>&#8220;Some of you have very specialized expertise in modeling climate risks and working with climate data,&#8221; Yellen said. &#8220;Others have experience helping financial institutions respond to and manage their own climate risks. And others have experience advancing environmental justice. I&#8217;m excited for this group to begin meeting, and for us to benefit from your expertise.&#8221;<\/p>\n<p>Following the introduction of a Labor Department, the Climate-Related Financial Risk Advisory Committee meets for the first time. <a href=\"https:\/\/www.dol.gov\/agencies\/ebsa\/about-ebsa\/our-activities\/resource-center\/fact-sheets\/final-rule-on-prudence-and-loyalty-in-selecting-plan-investments-and-exercising-shareholder-rights\" target=\"_blank\" rel=\"noopener\">final rule<\/a> This would enable retirement fiduciaries weigh &#8220;the economic effects of climate change and other ESG considerations&#8221; So long as they are related to the risk-and-return analysis. New rule <a href=\"https:\/\/www.dailywire.com\/news\/trump-barred-retirement-plans-from-mixing-wokeness-with-profits-biden-is-reversing-that-rule\" target=\"_blank\" rel=\"noopener\">reverses<\/a> A prohibition that was previously enacted under the former President Donald Trump would be lifted. &#8220;safeguard the financial security of America&#8217;s families, businesses and workers from climate-related financial risk that may threaten the life savings and pensions of America&#8217;s workers and families.&#8221;<\/p>\n<p><b data-stringify-type=\"bold\"><a class=\"c-link\" href=\"https:\/\/onelink.to\/dwapp\" target=\"_blank\" rel=\"noopener noreferrer\" data-stringify-link=\"https:\/\/onelink.to\/dwapp\" data-sk=\"tooltip_parent\">CLICK HERE TO GET THE DAILY WIRE APP<\/a><\/b><\/p>\n<p>Last week, the Senate and House Republican Members, together with some Democrats, overturned this final rule. President Joe Biden is <a href=\"https:\/\/www.dailywire.com\/news\/house-and-senate-send-rebuke-of-bidens-esg-agenda-to-his-desk\" target=\"_blank\" rel=\"noopener\">expected<\/a> To veto any legislative resolution.<\/p>\n<p>ESG is an acronym for environmental, socio, and corporate governance. Critics claim the ESG investment philosophy mixes politics and social causes like reducing carbon emissions or achieving racial diversification in a way that distracts from profit. Previous <a href=\"https:\/\/www.dol.gov\/newsroom\/releases\/ebsa\/ebsa20201030\" target=\"_blank\" rel=\"noopener\">rule<\/a> Trump Administration banned managers of retirement funds from being able to work under his administration. &#8220;selecting investments based on non-pecuniary considerations&#8221; They were required to &#8220;base investment decisions on financial factors&#8221; alone.<\/p>\n<p><\/p>\n<hr>\n<p>&#8220;From <a href=\"https:\/\/www.dailywire.com\/news\/treasury-secretary-janet-yellen-claims-effects-of-climate-change-could-cascade-through-the-financial-system\">Treasury Secretary Janet Yellen Claims Effects Of Climate Change Could \u2018Cascade Through The Financial System&#8217;<\/a>&#8220;<\/p>\n<hr>\n<p><span style=\"font-size:11px\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen On Tuesday, they argued that climate change This could lead to &#8220;declines in asset values&#8221; Warning: &#8220;delayed and disorderly transition&#8221; Renewable energy could cause damage to the environment financial system. Yellen made the remarks at the Climate-Related Financial Risk Advisory Committee&#8217;s first meeting. This committee was created in order to address &hellip;<\/p>\n","protected":false},"author":99,"featured_media":1891030,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[20876,5103,4856,4321,10439,4263,5740,3779,3713,3778,5286],"class_list":["post-1870844","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-cascade","tag-change","tag-claims","tag-climate","tag-effects","tag-financial","tag-janet","tag-secretary","tag-system","tag-treasury","tag-yellen"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1870844","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1870844"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1870844\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1891030"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1870844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1870844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1870844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}