YOU READ THROUGH THIS, THEIR OWN
INTERNAL DOCUMENT AT FACEBOOK
SAYS WE WEREN’T READY FOR WHAT
WAS COMING.
>>> NO TO PRESIDENT BIDEN’S
PLEDGE TO CUT U.S. EMISSIONS IN
HALF BY 2030.
JUST THIS MORNING TEAMING UP
WITH GOLDMAN SACHS TO TACKLE
CLIMATE CHANGE.
THEY PLAN TO HELP MORE
BUSINESSES AND INVESTORS
CAPITALIZE ON THE OPPORTUNITIES
THAT COME WITH THE MOVE TO CLEAN
ENERGY.
JOINING US NOW, VICE CHAIR OF
GLOBAL PUBLIC POLICY AND SPECIAL
ADVISER TOOT
ADVISER TO THE FOUNDER AND
CHAIRMAN OF BLOOMBERG.
SHE PREVIOUSLY CHAIRED THE
SECURITIES AND EXCHANGE
COMMISSION UNDER PRESIDENT
OBAMA, BY THE WAY, FIRST WOMAN
TO DO SO.
YOU HAVE A LOT OF FIRSTS IN YOUR
CAREER, WHICH WE WILL GET TO IN
A MOMENT.
BUT I WANT TO ASK YOU ABOUT THE
PIVOTAL ROLE YOU THINK COMPANIES
CAN PLAY, FINANCE SECTOR
SPECIFICALLY IN THE CLIMATE
CRISIS.
WHAT CAN THEY DO?
>> THANK YOU VERY MUCH, MIKA.
IT’S WONDERFUL TO BE WITH YOU
ALL.
THE PUBLIC SECTOR HAS A HUGELY
IMPORTANT ROLE TO PLAY COMBATING
CLIMATE CHANGE.
WE’VE SEEN REALLY IMPORTANT
STEPS FROM THE BIDEN
ADMINISTRATION IN TAKING A WHOLE
GOVERNMENT APPROACH 20 CLIMATE.
BUT THE PRIVATE SECTOR HAS A
ROLE TO PLAY TOO BECAUSE THE
PUBLIC SECTOR CANNOT DO IT
ALONE.
SO I THINK THERE ARE A COUPLE OF
THINGS.
ONE IS THE PRIVATE SECTOR CAN BE
VERY ENGAGED IN DIRECTING
CAPITAL TO GREEN INFRASTRUCTURE
AND DEVELOPING MARKETS, FOR
EXAMPLE, IN FINANCING, GREEN
INFRASTRUCTURE HERE AT HOME AND
ACROSS THE WORLD.
BUT ALSO THE FINANCIAL MARKETS
HAVE AN IMPORTANT ROLE TO PLAY
IN MAKING SURE THAT INVESTORS
ARE WELL INFORMED ABOUT THE
CLIMATE RISKS OF COMPANIES IN
WHICH THEY WANT TO INVEST.
OR FOR BANKS TO UNDERSTAND THE
CLIMATE RISK OF COMPANIES THEY
WANT TO LEND TO OR INSURERS WANT
TO INSURE.
IF INVESTORS AND LENDERS AND
INSURERS UNDERSTAND THE RISK OF
CLIMATE THAT INDIVIDUAL
COMPANIES FACE THROUGH
DISCLOSURE, THEN THEY WILL BE ABLE TO INVEST THEIR DIRECTMENTO
ABLE TO INVEST THEIR DIRECTMENTO
THOSE COMPANIES WHO ARE BEST
MITT ZBIEZING CLIMATE CHANGE AND
RISK.
AND NOW THE BIDEN ADMINISTRATION
HAS MADE NOW TO REDUCE GLOBAL
U.S. GREENHOUSE GAS EMISSIONS BY
50%.
FINANCIAL MARKETS CAN BE AN
AMAZINGLY POWERFUL LEVER IN THIS
FIGHT AGAINST CLIMATE CHANGE.
>> SO IT’S THE TRANSPARENCY
YOU’RE LOOKING FOR SO
INVESTMENTS CAN BE MADE, AND
GRANTED MAYBE DIFFERENT
DECISIONS CAN BE MADE, YOU THINK
IT WOULD IMPACT THE CLIMATE
CRISIS?
>> THERE’S NO DOUBT IN MY MIND
TRANSPARENCY IS THE KEY FOR
COMBATING CLIMATE CHANGE FROM
THE PRIVATE SECTOR.
WE’VE LED UNDER MIKE BLOOMBERG’S
LEADERSHIP SOMETHING CALLED THE
TASK FORCE ON CLIMATE-RELATED
FINANCIAL DISCLOSURE, WHICH
DEVELOPED A FRAMEWORK THAT’S NOW
SUPPORTED BY OVER 2,000
ORGANIZATIONS REPRESENTING A
MARKET CAP OF $22 TRILLION AND
NEARLY 1,000 FINANCIAL
INSTITUTIONS RESPONSIBLE FOR
ASSETS OF ALMOST $200 TRILLION
THAT HAVE COMMITTED TO THIS KIND
OF DISCLOSURE ABOUT CLIMATE RISK
THE COMPANIES FACE AND FINANCIAL
INSTITUTIONS FACE.
AND TALKING ABOUT THAT IN THEIR
PUBLIC FILINGS AS A WAY TO
INFORM THE MARKETS.
AND THEN THE MARKETS CAN PRICE
THE RISK AND VALUE ASSETS MUCH
MORE ACCURATELY.
WHEN PEOPLE ARE ARMED WITH THAT
KIND OF INFORMATION, THEY CAN
DIRECT THEIR INVESTMENT TOWARDS
THOSE COMPANIES WHO ARE THE MOST
SUSTAINABLE.
>> CURIOUS ON A BROADER LEVEL
NOW THAT THE BIDEN
ADMINISTRATION REJOINED THE
PARIS AGREEMENT, WHAT DO YOU
HOPE TO SEE NEXT IN THE U.S.
POLICY EVEN ON CLIMATE CHANGE?
>> I THINK FIRST OF ALL, YES, I
THINK IT’S WONDERFUL WE’VE
REJOINED AND STEPPING UP TO
SHARE LEADERSHIP ON THIS ISSUE
WITH THE REST OF THE WORLD AFTER
BASICALLY SITTING OUT FOR FOUR
YEARS.
I THINK IT SENDS A WONDERFUL
MESSAGE TO THE REST OF THE
WORLD.
OUR COMMITMENT ANNOUNCED LAST
WEEK TO CUT GREENHOUSE GAS
EMISSIONS BY 50% IS ALSO A HUGE
STEP FORWARD.
AND THE FACT THAT THE CLIMATE
FIGHT HAS BEEN PUT AT THE CENTER
OF REALLY EVERY AGENCY’S AGENDA,
NOT EVEN AGENCIES WE WOULD
NORMALLY THINK OF AS HAVING A
ROLE TO PLAY HERE BUT FROM THE
STATE DEPARTMENT, THE DEFENSE
DEPARTMENT, THE TREASURY IS
REALRY LEADING
REALLY LEADING HERE.
PUTTING CLIMATE AT THE CENTER OF
ALL OF THESE DELIBERATIONS IS
REALLY IMPORTANT OF MAKING A
PART OF HOW WE GO FORWARD IN
THIS COUNTRY.
THE NEXT STEP I HOPE TO SEE IS
THE SECURITIES AND EXCHANGE
COMMISSION, THE AGENCY I USED TO
CHAIR, WILL DO MANDATORY CLIMATE
RISK DISCLOSURE RULES THAT WILL
ENSURE WE GET COMPARABLE,
CONSISTENT INFORMATION ABOUT
CLIMATE RISK INTO THE
MARKETPLACE.
>> YOUI MENTIONED THE FIRST WOMA
TO RUN THE SEC, AMONG OTHER
THINGS.
WHAT HAS DRAWN YOU THOUGH TO THE
CLIMATE ISSUE?
>> THAT’S SUCH A GREAT QUESTION.
WHEN I LEFT THE SEC AFTER THE
FIRST TERM OF THE OBAMA
ADMINISTRATION, I REALLY WAS
STRUGGLING TO FIND SOMETHING TO
DO THAT WOULD BE AS MEANINGFUL
TO ME AS MY TIME IN PUBLIC
SERVICE HAD BEEN.
THE CLIMATE ISSUE BECAME ONE
THAT SEEMED TO ME ACTUALLY
BROUGHT TOGETHER MY
UNDERSTANDING ABOUT CORPORATION
DISCLOSURE AND HOW MARKETS
WORKED AND THIS DESIRE TO DO
SOMETHING OF SOCIETAL
IMPORTANCE.
AND I BELIEVED DEEPLY THIS IS AN
EXISTENTIAL ISSUE.
I BELIEVE DEEPLY OUR CHILDREN
AND GRANDCHILDREN DESERVE BETTER
AND WE HAVE AN OBLIGATION TO PUT
THIS PLANET BACK ON A HEALTHY
TRAJECTORY.
SO THE COMBINATION OF CLIMATE
AND MARKETS WAS JUST PERFECT FOR
ME TO GET INVOLVED WITH.
AND AS I SAID, I DO THINK
MARKETS CAN BE VERY POWERFUL
TOOLS HERE.
WE NEED TO USE EVERY TOOL WE
HAVE AND LEVERAGE EVERY
OPPORTUNITY WE HAVE IN THE FIGHT
AGAINST CLIMATE CHANGE.
>> FORMER CHAIR OF THE U.S.
SECURITIES AND EXCHANGE
COMMISSION, NOW VICE CHAIR OF
GLOBAL PUBLIC POLICY AND SENIOR
ADVISER TO THE FOUNDER AND