“The amount of greenhouse gas emissions coming from financial institutions is alarming,” the US Senator said in a tweet.
Senator Elizabeth Warren criticized the financial sector as a major contributor to climate change and urged US authorities to respond.
Warren, of the Massachusetts Democrat, cited a study by the Sierra Club and the Center for American Progress, which found that eight major US banks and 10 of their major asset managers consolidate 2 billion tons of carbon dioxide emissions. This is less than 1% of what Russia did.
“The amount of greenhouse gas emissions provided by financial companies is critical,” he said in a tweet. “If it were a country it would be the fifth in the world.”
“The authorities,” he added, “must be disrupted.”
The amount of greenhouse gas emissions provided by financial companies is extremely difficult. It would be the fifth world power. Supervisors have to deal with the financial sector #ClimateCrisis.https://t.co/jOQIYgpGZb
Elizabeth Warren (@SenWarren) December 27, 2021
As part of Biden ‘s management efforts to address climate change, the Securities and Exchange Commission is preparing to issue regulations that will require agencies to disclose their climate.
Continued emissions from financial institutions mean that deadly fires, droughts, heat waves, hurricanes, floods and other extreme weather events will only get worse, and “efforts to reduce emissions will be more complex and costly,” according to the report. . .
The authors of the report urged Biden officials to take action, including pressure to see what the banks could do to climate change.