Africa: USA/Global - On Climate, How Much Will Be New?

analysis

Washington, DC — Editor's Note : "One of the most powerful pieces of climate change legislation the Biden administration will need has already been passed: the Dodd- Frank Wall Street Reform and Consumer Protection Act of 2010. This legislation, known for creating the Consumer Financial Protection Bureau and other public safeguards against financial wrongdoing, also empowers key agencies including the Treasury Department, the Federal Reserve and the Securities and Exchange Commission to limit systemic risks to financial stability." - Justin Guay, Sunrise Project

The future of policy on climate in the Biden administration is still to be determined, of course. It will be molded both by pressure from the status quo, particularly from the fossil fuel industry, and from climate justice activists. While much focus in on the potential leadership by former Secretary of State John Kerry as climate czar in the National Security Council, experienced climate analyst Justin Guay argues that even more important will be the financial institutions, in which Janet Yellen at the Treasury Department will be a key figure. With great uncertainty about the future of legislative action in the Senate, both analysts and activists will be focusing on what can be done by executive action.

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