Regulatory Round-up: US treasury secretary Yellen on climate finance; India’s regulator approves social stock exchange

US treasury secretary Janet Yellen has called for the World Bank and other multilateral development banks to overhaul their activities in order to help address global needs such as climate change. Her proposed “holistic reforms” would see the institutions harness more private capital along with more concessional loans and grants to fund investments towards global objectives, such as helping countries middle-income countries transition away from coal.

The US state of Louisiana is to divest all of the $794mn it held in BlackRock funds by the end of the year with South Carolina similarly pulling out $200mn more of its funds. The initiatives come from state treasurers with Louisiana’s treasurer John. M. Schroder telling BlackRock in a letter: “Your blatantly anti-fossil fuel policies would destroy Louisiana’s economy.”