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Warren urges crackdown on Wall Street over global warming

US Senator Elizabeth Warren speaks during a Senate Finance Committee hearing on the IRS budget request on Capitol Hill in Washington US, June 8, 2021. (Reuters photo)

US Senator Elizabeth Warren has blamed Wall Street for contributing to global warming, calling for action against major emitters.

“The volume of greenhouse gas emitted by the financial-services industry is outrageous,” she said in a tweet on Monday.

Warren called for a crackdown on financial institutes in the US which were behind the emission of carbon dioxide and greenhouse gasses contributing to global warming. 

The Democratic senator from Massachusetts said regulators needed to crack down on these financial institutes for the role they played in global warming.

"Regulators need to crack down on the financial sector's role in the #ClimateCrisis," she said in her tweet, adding, “If it were a country it would rank as the fifth-largest emitter in the world.”

In Warren's call for action against Wall Street, she cited a new report published earlier this month by the Center for American Progress and the Sierra Club.

The report finds that the 18 largest US banks and asset managers alone were responsible for financing the equivalent of 1.968 billion tons of CO₂ in 2020.

In this regard, the United Nations held the World Leaders’ Summit of the COP26 UN Climate Change Conference in Glasgow, Scotland, on November 2, 2021. 

During the summit, US President Joe Biden repeatedly criticized China and Russia for their leaders not attending the summit.

“With regard to the disappointment, the disappointment relates to the fact that… not only Russia but China basically didn’t show up in terms of any commitments to deal with climate change,” Biden said to reporters.

Beijing and Moscow responded to Biden's criticisms, insisting that the US must itself take serious action to cut emissions. 

“Tackling climate change requires concrete action, not empty words,” said Chinese Foreign Ministry spokesman Wang Wenbin said in response to Biden’s criticism.

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