Oct 15 -- The Biden-Harris Administration released "A Roadmap to Build a Climate-Resilient Economy," a government-wide strategy to measure, disclose, manage and mitigate the systemic risks climate change poses to American families, businesses, and the economy. https://www.whitehouse.gov/wp-content/uploads/2021/10/Climate-Finance-Report.pdf
Climate change poses serious and systemic risks to the U.S. economy and financial system. As outlined in this report, the United States government is using all of its tools to properly account for and mitigate climate change-related financial and economic risks, as climate impacts are already affecting American jobs, homes, families’ hard-earned savings, and businesses. The country must work with urgency to reduce the risks of climate change by addressing its drivers and creating a stronger, more resilient economy. This report lays out a roadmap for measuring, disclosing, managing, and mitigating climate-related financial risk across the economy, including to the Federal Government, while also catalyzing public and private investment to seize the opportunity of a net-zero, clean energy future.
This report lays out a strategy to advance a whole-of-government effort that safeguards workers and families from financial loss and positions the United States for success in the fight against climate change. It includes a roadmap for a long-term effort to build climate resilience throughout the U.S. economy and drive better long-term investment outcomes for ordinary Americans.
Specifically, this report pushes forward on a broader economic strategy that invests in the country’s physical and human infrastructure, reimagines public procurement policy as a tool to strategically shape markets and spread innovation, embeds resilience within supply chains critical to the clean energy transition, leverages the full talent and creativity of all Americans by elevating equity as a top priority in all policy decision-making, and restores the United States’ relationship with key allies internationally, finding common ground to meet the global goals of the Paris Agreement.
The Administration’s whole-of-government strategy includes six main pillars to achieve the goals of the President’s May 2021 Executive Order on Climate-Related Financial Risks, including several major announcements this week demonstrating concrete actions to protect American families, the federal government, and the economy from climate-related financial risk:
Promoting the resilience of the U.S.financial system to climate-related financial risks.
Protecting life savings and pensions from climate-related financial risk.
Using federal procurement to address climate-related financial risk.
Incorporating climate-related financial risk into federal financial management and budgeting.
Incorporating climate-related financial risk into federal lending and underwriting.
Building resilient infrastructure and communities
Fact sheet: https://www.whitehouse.gov/briefing-room/statements-releases/2021/10/15/fact-sheet-biden-administration-roadmap-to-build-an-economy-resilient-to-climate-change-impacts/
OMB blog, "Taking Action to Address Climate-Related Fiscal Risk," October 15: https://www.whitehouse.gov/omb/briefing-room/2021/10/15/taking-action-to-address-climate-related-fiscal-risk/