Washington, DC -- Today, the Department of the Treasury announced the appointment of John Morton as the Department’s first Climate Counselor to Treasury Secretary Janet Yellen. Morton is tasked with leading the newly established Climate Hub that will work across the Department to mitigate climate-related financial risks and advance President Biden’s goals of 100% clean energy and a net zero emissions economy.
In February, the Sierra Club and more than 145 organizations across the country sent a letter to Secretary Yellen, encouraging her to create “a robust, well-staffed Climate Hub at Treasury led by a very senior-level person devoted full-time to climate.” The letter also urged the appointment of an adviser with deep regulatory expertise to “address not only the risk that climate change poses to financial institutions and the system, but also the risk financial institutions inject into the economy through their high-carbon financing.”
Last week, new polling showed that US voters overwhelmingly support the federal government, including the Treasury Department, taking strong action to curb the climate impact of Wall Street in order to prevent economic crises driven by the financing of fossil fuels and other risky, high-emitting sectors.
In response, Sierra Club financial advocacy campaign manager Ben Cushing released the following statement:
“The Sierra Club applauds Secretary Yellen for establishing a new Climate Hub to coordinate Treasury’s efforts to address the financial implications of the climate crisis, and we look forward to working with John Morton and Treasury staff to advance this critical work. We are encouraged that Secretary Yellen is taking the necessary steps to fulfill her commitments to strengthen financial oversight and regulation to address the climate crisis and increase climate finance, both at home and abroad. Given that US financial institutions are the world’s leading financiers of fossil fuels, it’s imperative that the Treasury Department take action to rein in Wall Street’s climate-wrecking investments and practices, and alleviate the risks they pose to our financial system. We look forward to seeing additional hires to ensure this hub is well-staffed and resourced to increase investment in climate solutions, adopt the necessary regulations to protect America’s financial system from systemic risks posed by climate change, and build an equitable clean energy future for all.”
About the Sierra Club
The Sierra Club is America’s largest and most influential grassroots environmental organization, with more than 3.5 million members and supporters. In addition to protecting every person's right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.