New Treasury Secretary Janet Yellen has been tasked with combating climate change.  What climate action is the Treasury likely to take under her leadership?
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Joe Biden has made the fight against climate change a focus of his new administration. Consistent with that focus is his appointment of Janet Yellen, a former Federal Reserve chairman and an advocate for climate action, to the role of Secretary of the Treasury.

The Treasury Department is responsible for guarding the United States’ economic health. While much of its work during the early months of the Biden Administration will be to help the country to navigate the ongoing economic impacts of the COVID pandemic, economic damages due to climate change have become more apparent in recent years, and the need for the Treasury to take action on the climate front has also become clear.

Joseph Aldy, an energy and climate economist at Harvard University, explores the steps that the new Treasury Secretary can take to address climate change, including the tools that the economic agency might employ to set its own climate policies, and influence climate action in other areas of government. Aldy also discusses the Treasury’s power to influence global climate action as the country’s chief economic diplomat.

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