State Treasurer challenges Trump on climate denial
January 23, 2017
• Chiang says he has new path to curb global warming
• “And Washington can’t stop us”
(CVBT file photo)
America can turn to a new, but rapidly growing sector of the bond market to counter the impact of global warming says California State Treasurer John Chiang.
“President Trump may believe global warming was created by and for the Chinese in order to make U.S. manufacturing non-competitive,’’ Mr. Chiang says. “We Californians stand with the scientific community and the 195 nations that have declared climate change is an urgent and potentially irreversible threat to human societies and the planet.”
Mr. Chiang says the use of so-called “green bonds” can made the difference, even without help from the federal government. Green bonds are debt issued by either corporations or public agencies to finance climate-friendly or other environmental projects.
He says the bonds have the potential to release a torrent of new and affordable capital for the U.S. to meet its infrastructure and climate change needs for decades to come. Since 2008, this new market has provided $118 billion, globally, to generate solar and wind power, reduce methane emissions, build world-class transportation systems, protect against floods and provide clean drinking water.
Today, Chiang released a report containing insights gained from a five-city national listening tour marking the first time the investment community had been so systematically canvassed on the state of the green bond market in order to identify barriers to its full development. Three dozen of the nation’s most influential investment firms provided candid analysis on the numerous barriers and opportunities to shifting more of the trillions of dollars they control to environmentally friendly projects.
They are widely used around the world to raise capital to promote environmental protection, build clean infrastructure and improve living standards.
The report, entitled “Growing the U.S. Green Bond Market”, is the first step in Chiang’s multi-stage plan to tap the latent potential in this eight-year old market and its
“Green bonds empower ordinary people to use the marketplace to serve the public good,” Mr. Chiang says. “We are creating an opportunity for Americans who care deeply about drinkable water, breathable air, and clean transportation to invest in their future.
“And Washington can’t stop us.”