In the US, action within the financial system has focused on fiscal incentives, as well as market-led initiatives to improve transparency and harness capital markets. The SEC offers markets guidance on climate disclosure. This is matched by the Sustainability Accounting Standards Board, which aims to provide robust disclosure guidance for corporations using the SEC’s definitions of materiality. At the state-level, leading insurance regulators are starting to explore the implications of climate risks, both in terms of underwriting and investment management. A number of States have also established dedicated green banks to promote clean energy and energy efficiency investments. The US has also taken the lead in developing new liquid financial instruments targeted at green assets, including both green bonds and yieldcos, investment trusts holding renewable energy assets that are listed on equity exchanges.