Washington, Apr 20 (IANS): The US Treasury Department announced 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 issued on Monday.

"With a view of all Treasury climate initiatives, the Hub will enable Treasury to move nimbly and efficiently in prioritizing climate action," it added.

The hub will be headed by John Morton, the Treasury's first "Climate Counselor", also a former Obama administration official and climate finance expert, Xinhua news agency reported citing the Department as saying.

Morton will report directly to Treasury Secretary Janet Yellen and focus in particular on the Department's efforts to facilitate and unlock the financing needed for investments to achieve a net-zero economy at home and abroad, according to the statement.

"Climate change presents new challenges and opportunities for the US economy. The steep consequences of our actions demand that the Treasury Department make climate change a top priority," Yellen was quoted as saying in the 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 Treasury Department will further 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, the statement added.