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Yellen: US needs to "seriously" look at risks to financial system from climate change

From CNN's Kate Trafecante

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Janet Yellen, President-elect Joe Biden’s nominee to head the Treasury Department, told lawmakers the United States needs to "seriously look at assessing the risks to the financial system from climate change."

Yellen said she takes those risks "very, very seriously," adding that both the impact of climate change itself and the policies to address it "could have major impacts creating stranded assets, generating large changes in asset prices, credit risks, and so forth that could affect the financial system."

Yellen said that, if confirmed as Treasury Secretary, she plans to create a hub within Treasury in which focusing on "financial system-related risks and tax policy incentives" in respect to climate change.

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