Hill Heat

Hearing page

Presiding: Chair Van Hollen

Witness:

• Janet Yellen, Secretary, U.S. Department of Treasury

• FY 2024 Budget-in-Brief

Includes:

• $2.93 billion for Multilateral Development Banks
• $1.42 billion for Climate Change and Environment Funds
• $0.122 billion for Food Security
• $0.332 billion for Treasury’s Departmental Offices, which includes $8.2 million to support 27 staff positions for Treasury’s Climate Hub and a climate-related technical support center to conduct assessments of climate-related risks across Government programs
• $0.031 billion for capital investments, including $5 million for electric vehicle leasing and charging infrastructure

Staffing to Support Climate Initiatives +$3,184,000 / +11 FTE

The Administration is targeting cuts to greenhouse gas (GHG) emissions by 50% – 52% from 2005 levels by 2030 and has outlined an ambitious plan to double international climate finance and triple international adaptation finance by 2024, to support communities transitioning away from coal and to encourage the private sector to disclose climate risk. The Administration has tasked Treasury with playing a key role in these efforts, but as currently staffed, Treasury is limited in its ability to contribute to crucial elements of the climate agenda. Treasury’s unique responsibilities on a range of programs related to climate change – including economic, financial sector, and climate-related government policies – are reflected in an ambitious climate strategy program. This request would build policy strength in key climate functions, including international economists who can support bilateral and multilateral efforts outlined in the International Climate Finance Strategy, domestic finance experts responsible for understanding climate risks on the financial system, and economists responsible for conducting economic analyses related to the impacts of domestic and international climate policies on US energy markets.

Climate Technical Assistance Center +$5,000,000 / +16 FTE

Funding is requested for the establishment of a Climate-Related Financial Risk Technical Support Center to develop, conduct, and integrate assessments of climate-related financial risk exposure from across the Federal government and to facilitate climate financial risk data sharing. This initiative is intended to improve the Federal Government’s ability to understand the potential impact of climate-related financial risks to Federal assets and programs.