United States President Joe Biden delivers September vacancy remarks in the South Court Auditorium in the Eisenhower Executive Office Building in Washington, DC on October 8, 2021.
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The Biden government on Friday unveiled a government-wide plan to address the systemic threat climate change poses to all economic sectors.
The roadmap is part of the longer term agenda of the White House to cut domestic greenhouse gas emissions by almost half by 2030 and transition to a net zero emissions economy by mid-century while mitigating the effects of climate change on the economy.
Increasing climate-related disasters such as heat waves, droughts, floods and forest fires threaten the stability of the global financial system.
Extreme weather events this year Affected 1 in 3 Americans, according to federal disaster statements and interrupted supply chains across the country. Extreme weather for the past five years cost Americans According to the National Oceanic and Atmospheric Administration, more than $ 600 billion in damage.
The government’s plan takes into account how climate change is affecting the businesses people invest in and aims to protect the savings and pensions of American families with retirement plans. Climate-related risks in retirement plans have cost US retirees billions in lost retirement funds, according to a White House leaflet.
The Department of Labor “is making efforts to remove regulatory barriers and ensure that benefit plan trustees can incorporate material climate-related risks into their investment decisions,” the report said. “These efforts will better protect the savings of American workers and their families from the effects of climate change and could also mobilize capital for sustainable investment.”
The roadmap also shows how authorities can strengthen infrastructure resilience in response to worsening climate disasters. It shows how authorities can use federal procurement to address climate-related financial risks and incorporate climate-related risks into federal lending and budget planning.
This month, more than 20 federal agencies did published climate adaptation plans Identify the greatest threats climate change poses to your businesses and facilities and how you intend to deal with them.
“Climate change poses a risk to our economy as well as to the lives and livelihoods of Americans, and we must act now,” said national climate advisor Gina McCarthy on Thursday during a press briefing. “This roadmap isn’t just about protecting our financial system – it’s about protecting people, their paychecks and their wealth.”
“We have a clear focus on how climate change poses a systemic risk to our economy,” said Deputy Director of the National Economic Council, Bharat Ramamurti, at the press conference. “We take a precautionary approach that recognizes that inaction is not an option.”
The report is entitled “A Roadmap to Build a Climate-Resilient Economy”.
President Joe Biden has also called on the Treasury Secretary Janet Yellen, the head of the Board of Directors for Financial Stability and financial regulators to report on financial climate risk data. This report has not yet been published.
The President and the First Lady are traveling to Europe in two weeks, with the global climate crisis in the foreground of Biden’s agenda. Biden will also be traveling to Glasgow, Scotland, to attend the Parties’ UN Climate Change Conference, or COP26, in early November.