The U.S. Treasury Department announced on Monday that it is creating a new "Climate Hub" in the department to help coordinate economic policies that address climate change.
"The Treasury Climate Hub will coordinate and enhance existing climate-related activities by harnessing the tools, capabilities, and expertise from across the Department-including from Domestic Finance, Economic Policy, International Affairs, and Tax Policy," the department said in a statement.
"With a view of all Treasury climate initiatives, the Hub will enable Treasury to move nimbly and efficiently in prioritizing climate action," the department said.
The hub will be headed by John Morton, the U.S. Treasury's first "Climate Counselor," also a former Obama administration official and climate finance expert, according to the department.
Morton will report directly to U.S. Treasury Secretary Janet Yellen and focus in particular on the Treasury's efforts to facilitate and unlock the financing needed for investments to achieve a net-zero economy at home and abroad, the department said.
"Climate change presents new challenges and opportunities for the U.S. economy. The steep consequences of our actions demand that the Treasury Department make climate change a top priority," Yellen said in a statement.
"Finance and financial incentives will play a crucial role in addressing the climate crisis at home and abroad and in providing capital for opportunities to transform the economy," she said.
The U.S. Treasury will focus on the broad range of its climate-related policy work connected to climate transition finance, climate-related economic and tax policy, and climate-related financial risks, according to the department.