{"id":2038406,"date":"2023-09-20T09:23:01","date_gmt":"2023-09-20T13:23:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/treasury-releases-new-guidelines-for-financial-institutions-with-net-zero-carbon-emissions-goals\/"},"modified":"2023-09-20T09:33:19","modified_gmt":"2023-09-20T13:33:19","slug":"treasury-releases-new-guidelines-for-financial-institutions-with-net-zero-carbon-emissions-goals","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/treasury-releases-new-guidelines-for-financial-institutions-with-net-zero-carbon-emissions-goals\/","title":{"rendered":"Treasury issues guidelines for banks with net-zero carbon goals."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/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-releases-new-guidelines-for-financial-institutions-with-net-zero-carbon-emissions-goals%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=2038406&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--><blockquote>\n<h2>The Treasury Department Unveils New Guidelines for Financial Institutions with Net-Zero Carbon Emissions Goals<\/h2>\n<p>The Treasury Department has unveiled \u2062a new set of guidelines for financial institutions with net-zero carbon \u2062emissions goals as the Biden administration continues to promote its green \u2062energy agenda.<\/p>\n<p>The new voluntary \u200cguidelines were announced by Treasury Secretary Janet Yellen during a speech at the Bloomberg Transition Finance Action Forum in\u200b New York on Sept. 19.<\/p>\n<p>During her speech, Ms. Yellen said the &#8220;physical impacts of climate change are impossible to ignore&#8221; and pointed to\u200d recent\u2063 &#8220;record-breaking heatwaves&#8221; and &#8220;unprecedented\u200d storms and wildfires&#8221; across the globe.<\/p>\n<\/blockquote>\n<h2>Related\u2064 Stories<\/h2>\n<ul>\n<li><a href=\"http:\/\/www.theepochtimes.com\/opinion\/biden-administration-misleads-the-public-on-the-vast-expanses-of-land-needed-for-net-zero-5492225?ea_src=author_manual&#038;ea_med=related_stories\"><strong>Biden Administration Misleads Public on the Vast Expanses\u200d of Land Needed for \u2018Net Zero\u2019<\/strong><\/a>  &#8211; 9\/15\/2023<\/li>\n<li><a href=\"http:\/\/www.theepochtimes.com\/world\/universal-smart-meter-take-up-needed-as-net-zero-approaches-commission-5487457?ea_src=author_manual&#038;ea_med=related_stories\"><strong>Universal &#8216;Smart Meter&#8217; Take-Up Needed as Net Zero Approaches: Commission<\/strong><\/a>  &#8211; 9\/6\/2023<\/li>\n<\/ul>\n<blockquote>\n<p>&#8220;Such events impose significant economic costs. Global economic losses\u200b from natural disasters \u200bamounted to almost $200 billion \u200dduring the first half of this year. \u2062Households face increasing challenges, and firms have assets and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/whats-next-great-awakening-or-great-reset\/\" title=\"What\u2019s Next? Great Awakening or Great Reset?\">business models<\/a> that may be at risk \u2064in a world with substantial climate damage,&#8221; Ms. Yellen said.<\/p>\n<p>The Treasury\u200c secretary went on to note that\u2064 there are &#8220;significant global economic opportunities&#8221; related to climate change, citing research estimating that the transition to a carbon-neutral economy will create \u2062$3 trillion in global investment opportunities every year between now and 2050.<\/p>\n<p>&#8220;In the U.S. this means hundreds of billions in investment opportunities to enhance power generation and the electrical grid, retrofit\u200c buildings, and \u2062make advancements in agriculture, manufacturing, and transportation,&#8221; she\u200d said.<\/p>\n<\/blockquote>\n<h2>Financial Institutions Risk Being Left Behind<\/h2>\n<p>In \u2064recent\u200c years, more\u2064 than 100 financial institutions in the United States have made independent voluntary net-zero commitments,\u2064 according to the Treasury Department.<\/p>\n<p>&#8220;There is extensive evidence showing that the changing climate has significant financial \u200bimpacts,&#8221; Ms. Yellen\u200d concluded. &#8220;Without considering these factors, financial institutions \u2062risk\u2062 being left\u2064 behind with stranded assets, outdated business\u200c models, and missed opportunities to invest\u200d in\u2062 the growing clean energy \u200ceconomy.&#8221;<\/p>\n<div class=\"my-5\">\n<h2>Guidelines\u2063 Will &#8216;Almost Surely Be Enforced&#8217;<\/h2>\n<p>The new guidelines were not\u2062 welcomed by everyone.<\/p>\n<p>In a statement, House Financial Services Committee Chairman Patrick McHenry (R-N.C.) said the guidance would &#8220;politicize capital\u2063 allocation&#8221; and advance the Biden administration&#8217;s &#8220;progressive climate\u2062 priorities at the\u2064 expense of\u200c sound\u2062 economic management.&#8221;<\/p>\n<p>&#8220;Regulators should be focused on immediate risks to\u200d our financial system\u2014not climate policy beyond their expertise\u200d and statutory authority,&#8221; the lawmaker said. &#8220;With only a thin\u200d veil of setting\u200b &#8216;voluntary standards,&#8217; these so-called principles will almost surely be enforced as though they \u2064are laws by unelected federal regulators and Treasury\u200b officials who continue to overreach.&#8221;<\/p>\n<p>Mr. McHenry further claimed the Treasury Department&#8217;s intention is to &#8220;direct credit to politically favored activities in order to appease far-left \u2062climate activists.&#8221;<\/p>\n<p>&#8220;The House Financial Services Committee will hold the Administration accountable for its continued \u2064efforts to force their political priorities through our financial system,&#8221; he \u2064concluded.<\/p>\n<\/div>\n<p> <\/p>\n<h2> How do these guidelines encourage financial institutions to analyze and disclose the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">greenhouse gas emissions<\/a> associated with their portfolios and\u200c investments?<\/h2>\n<p><span>  , we have a\u200d unique and powerful opportunity to \u2064lead in this area,&#8221; she said. &#8220;By\u2064 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/rainer-zitelmann-the-goals-you-write-down-on-new-years-eve-will-define-the-year-ahead\/\" title=\"Rainer Zitelmann: The Goals You Write Down on New Year\u2019s Eve Will Define the Year Ahead\">setting ambitious goals<\/a> and \u2063providing clear guidelines, we can encourage financial institutions to align their investments with our net-zero carbon emissions goals and drive sustainable economic \u200cgrowth.&#8221;<\/p>\n<\/blockquote>\n<p>The voluntary guidelines outlined by the \u200dTreasury Department aim to provide a framework for financial institutions to assess\u2062 and address the risks posed by\u2064 climate change and work towards \u2064achieving their own net-zero carbon emissions targets. The\u2062 guidelines cover various aspects including risk management, lending and investment strategies, and \u2064disclosure requirements.<\/p>\n<p>Under these\u200b guidelines, financial institutions\u2064 are encouraged to analyze and disclose \u200dthe\u2063 greenhouse gas emissions associated with \u200ctheir portfolios and\u2064 investments. This will enable investors\u200b and stakeholders to make informed decisions and allocate\u200d capital in a way that \u200bsupports a low-carbon economy. The guidelines also call \u200dfor financial institutions to \u2063integrate climate-related risks into their risk management processes, ensuring that potential climate impacts are considered when assessing the resilience and sustainability of their\u2064 investments.<\/p>\n<p>The voluntary nature of these guidelines is an important aspect, \u200das it allows financial institutions to tailor their approach to their specific circumstances and risk profiles. This flexibility\u2064 ensures that businesses of all\u200d sizes\u200c can participate in the transition to a net-zero carbon economy, regardless of their current emissions levels or sector of operation.<\/p>\n<p>The announcement of these guidelines comes as part of the Biden administration&#8217;s efforts to address\u2064 climate change and promote\u200d sustainable economic growth. \u2064In addition to \u200bthe\u2062 voluntary guidelines for financial institutions, the administration has implemented a range of initiatives\u2064 and policies aimed at reducing \u2064greenhouse gas emissions, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-hampshire-democrat-rep-chris-pappas-flip-flops-on-american-energy\/\" title=\"New Hampshire Democrat Rep. Chris Pappas Flip-Flops on American Energy\">promoting clean energy<\/a>, and creating green jobs.<\/p>\n<p>By providing clear guidelines for financial institutions,\u2063 the\u2064 Treasury Department is encouraging private sector action \u200cand investment in\u2064 the transition to a net-zero carbon economy. This will not only help mitigate the physical\u2064 and economic risks associated \u2064with climate change but also create\u200d new opportunities \u2062for businesses and investors to thrive in a sustainable future.<\/p>\n<p>It is worth noting that \u200cwhile these guidelines are voluntary, financial institutions \u200bthat proactively align with them are likely\u200d to \u2062benefit from increased access to capital and improved\u2063 reputation among\u2063 investors and stakeholders. In an era where environmental, social, and governance (ESG) considerations are becoming increasingly important, financial \u200binstitutions that \u2062demonstrate \u200ba commitment to sustainable practices are well-positioned to attract\u2063 investment and \u200bbuild long-term resilience.<\/p>\n<p>The Treasury Department&#8217;s \u200cunveiling of these guidelines is\u2063 a significant step \u200dtowards \u2062achieving the Biden administration&#8217;s goal of net-zero carbon emissions. By mobilizing \u2063the financial sector \u2062and promoting sustainable investments, the administration is paving the \u2063way for a greener and more prosperous\u200c future.<\/p>\n<h2>Sources<\/h2>\n<ul>\n<li>https:\/\/www.reuters.com<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/treasury-releases-new-guidelines-for-financial-institutions-with-net-zero-carbon-emissions-goals\/\" title=\"Treasury issues guidelines for banks with net-zero carbon goals.\">\/business\/sustainable-business\/yellen-treasury-unveil-voluntary-guidelines-financial-institutions-net-<\/a>zero-2023-09-19\/<\/li>\n<li>https:\/\/www.bloomberg.com\/news\/articles\/2023-09-19\/yellen-issues-climate-code-for-wall-street-ahead-of-g-20-summit<\/li>\n<li>https:\/\/www.treasury.gov\/resource-center\/climate\/Documents\/Climate-Crisis-Voluntary-Guidelines.pdf<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>a speech at the Bloomberg Transition Finance Action Forum, Treasury Secretary Janet Yellen announced voluntary guidelines for financial institutions aiming for net-zero carbon emissions. This aligns with the Biden administration&#8217;s green energy agenda, emphasizing the importance of sustainable practices in the financial sector.<\/p>\n","protected":false},"author":69,"featured_media":2038407,"comment_status":"open","ping_status":"closed","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":[543],"tags":[],"class_list":["post-2038406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"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\/2038406","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\/69"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2038406"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2038406\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2038407"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2038406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2038406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2038406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}