“The volume of greenhouse gas emitted by the financial-services industry is outrageous,” the US Senator said in a tweet.
Senator Elizabeth Warren accused the financial industry of being a major contributor in climate change and asked U.S. regulators for their help.
Warren, a Massachusetts Democrat cited a study from the Sierra Club and Center for American Progress which showed that eight of America’s largest banks and 10 of its most powerful asset managers finance nearly 2 billion tons carbon dioxide emissions. That’s about 1% less than what Russia produced.
“The volume of greenhouse gas emitted by the financial-services industry is outrageous,” she said in a tweet. “If it were a country it would rank as the fifth-largest emitter in the world.”
“Regulators,” she added, “need to crack down.”
The amount of greenhouse gas emitted annually by the financial-services sector is staggering. If it were a nation, it would rank fifth in the world’s largest emitter of greenhouse gases. Regulators must crack down on the role of the financial sector in the economy. #ClimateCrisis.https://t.co/jOQIYgpGZb
— Elizabeth Warren (@SenWarren) December 27, 2021
As part of the Biden administration’s effort to confront climate change, the Securities and Exchange Commission is planning to propose rules that will require corporations to publicly disclose their climate risks.
Continued unfettered emissions supported by the financial industry mean that deadly wildfires, droughts, heat waves, hurricanes, floods and other extreme weather events will only become worse, and “efforts to mitigate emissions will only become more challenging and costly,” according to the report.
The report’s authors urged the Biden administration to take several steps, including implementing stress tests to gauge banks’ potential losses from climate change.