Biden Orders Gov. Agencies to Address Financial Climate Change Risks

President Biden on Thursday ordered agencies across the federal government to prepare for risks to the American economy posed by climate change.

The harms inflicted by human-caused global warming are already being felt in the form of rising sea levels, extreme weather, wildfires, and droughts, but “these risks are often hidden,” the White House said.

The executive order directs federal agencies to identify and mitigate climate risks in order to protect worker pensions, improve the resilience of food, water, and emergency supplies, and prepare infrastructure for climate impacts.

The order directs White House climate adviser Gina McCarthy and economic adviser Brian Deese to develop a government-wide strategy within four months to identify financial risks.

The SEC is already working on climate risk disclosure regulations, which experts say will create an incentive for corporations to mitigate climate risks in order to avoid losing investors.

For a deeper dive:

AP, New York Times, Reuters, Politico, E&E

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