By Andrea Shalal
(Reuters) – US Treasury Secretary Janet Yellen on Tuesday will press financial institutions to adopt a “greater sense of urgency” on investing in a zero-emissions economy in meetings with the head of Bank of America and other finance CEOs, Treasury officials said.
John Morton, a former private equity adviser and the Treasury’s first climate adviser, told reporters Yellen would explain the US government’s new policies towards a clean energy economy and try to better understand what measures are needed to accelerate the work of the private sector.
“The secretary will applaud the commitments made and encourage a greater sense of urgency,” Morton told reporters ahead of meetings at the United Nations Climate Conference (COP26).
He said mobilizing private sector capital is critical to financing an estimated $2 trillion to $3 trillion annual gap to achieve a zero-emissions global economy and increase the billions pledged by governments.
Yellen is expected to meet with other finance officials and business leaders at COP26 in Glasgow, Scotland, as part of a broader US effort to galvanize the efforts of the world’s leading economies to reach the Paris Agreement goal.
The Treasury said she would participate in a roundtable hosted by the Glasgow Financial Alliance for Net Zero (GFANZ) and Mark Carney, former head of the Bank of England who now serves as the UN’s special envoy for climate finance.
A source familiar with the meeting said attendees would include Mike Bloomberg, Larry Fink, CEO of BlackRock, and John Doerr, president of Kleiner Perkins, among others.
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