Sen. Warren Wants to Further Regulate Finance Industry Over Climate Change

Sen. Warren Wants to Further Regulate Finance Industry Over Climate Change Sen. Warren Wants to Further Regulate Finance Industry Over Climate Change

Sen. Elizabeth Warren, D-Mass. (Tom Williams/CQ Roll Call via AP Images)

By Jeremy Frankel | Monday, 27 December 2021 08:09 PM

Sen. Elizabeth Warren, D-Mass., is urging U.S. regulators to hold the financial sector accountable, accusing it of being a major contributor to climate change.

Bloomberg reports that Warren cited a Sierra Club and Center for American Progress study showing that eight of the largest U.S. banks and 10 of the country's largest asset managers finance approximately 2 billion tons of emissions of carbon dioxide combined.

Warren tweeted Monday: ''The volume of greenhouse gas emitted by the financial-services industry is outrageous. If it were a country it would rank as the fifth-largest emitter in the world. Regulators need to crack down on the financial sector's role in the #ClimateCrisis.''

According to the study, continued unrestrained emissions mean that extreme weather events will only become worse and ''efforts to mitigate emissions will only become more challenging and costly.'' The authors of the study urged the Biden administration to take steps such as measuring banks' potential losses due to climate change.

Additionally, the Securities and Exchange Commission, as part of the administration's effort to address climate change, plans to propose regulations requiring corporations to publicly release their ''climate risks,'' Bloomberg notes.

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