Yellen: Treasury Exploring Development of Carbon Markets
by Sam Sutton (Politico Pro) Treasury Secretary Janet Yellen on Monday said she was exploring how the administration could develop standards for voluntary carbon markets as part of broader efforts to address climate change.
“We’re looking into what we might do to promote the development of a strong voluntary carbon trading market.” Yellen said during a fireside chat at the Securities Industry and Financial Markets Association’s annual meeting in New York.
Any voluntary carbon market would need to have “appropriate guardrails,” she added.
“Climate change is not something that the government can do on its own,” she said. “It is going to require private efforts, private capital — both in the United States and around the world.”
Why it matters: Other federal agencies have also been pushing for new rules and standards that would encourage private businesses to reduce emissions.
The Commodity Futures Trading Commission in June hosted a panel to discuss how the markets for carbon offset credits could be regulated. While credits are often touted by businesses as a proof of investment in climate-friendly initiatives, they lack clear standards and government oversight. READ MORE
