Yellen: Climate change threat 'absolutely must be addressed'

Treasury Secretary Janet Yellen tells the Senate Appropriations Subcommittee on Financial Services that climate change is an 'existential threat' and outlines President Biden's proposed clean electricity plan.

Video Transcript

JANET YELLEN: Well, President Biden-- and I feel the same way too-- believe that climate change is an existential threat that absolutely must be addressed. And he's proposed a clean electricity plan that would, by 2035, shift entirely the electricity sector to reliance on renewables. And of course, with renewables, as you pointed out in the case of the UK, there's a question of what to do if the sun isn't out and the wind doesn't blow. And I believe there are storage technologies that can be deployed and other means to address that. And of course, that has to be part of a plan to switch to renewables and address climate change.