Yellen will vow to ‘rid’ US from ‘dependence on fossil fuels’ in Detroit speech
by Tobias Burns - 09/07/22 6:00 AM ET
Treasury Secretary Janet Yellen will call out the fossil fuel industry in a Thursday speech on the Biden administration’s economic agenda to be delivered in Detroit, Mich., where oil and gas companies have long held influence in the U.S. auto manufacturing sector. The visit to Detroit comes on the heels of the Democrats’ passage of the Inflation Reduction Act (IRA), which includes $14.2 billion worth of subsidies for electric vehicles meant to wean the auto industry off of gasoline in an effort to reduce U.S. transportation emissions that are contributing to a rise in global temperatures.
“We will rid ourselves from our current dependence on fossil fuels,” Yellen’s prepared remarks say.
“Our plan — powered by the Inflation Reduction Act — represents the largest investment in fighting climate change in our country’s history. It will put us well on our way toward a future where we depend on the wind, sun, and other clean sources for our energy,” her remarks continue.
Yellen’s speech will also emphasize the role that private capital can play in addressing climate change, putting her generally in line with the economic, social and corporate governance (ESG) movement. The ESG movement in the financial sector pursues environmental and social equality objectives through divestment practices and getting board members with particular political views elected to company boards.
“By mobilizing private capital, the clean energy tax credits implemented by Treasury will propel our economy and workers to a leadership position in the fastest growing markets and technologies of today and the future, with positive spillovers to the rest of the world. And in the process of boosting domestic clean energy production, the law will support our energy security and insulate us from the type of fossil fuel-driven energy volatility that we’ve seen in the past year,” her remarks say.
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https://thehill.com/policy/finance/3631596-yellen-will-vow-to-rid-us-from-dependence-on-fossil-fuels-in-detroit-speech/
