Biden Orders Assessment Of Climate Change on Economy

May 24, 2021 by Tom Ramstack
Biden Orders Assessment Of Climate Change on Economy
President Joe Biden

WASHINGTON — President Joe Biden signed an executive order Thursday directing the Treasury Department to prepare a report on the financial risks to the U.S. economy from climate change.

The report is supposed to help the Biden administration target environmental investments to reduce the economic impact of greenhouse gases. It also advances Biden’s pledge to cut U.S. greenhouse gas emissions by nearly half by 2030.

“The intensifying impacts of climate change present physical risk to assets, publicly traded securities, private investments and companies, such as increased extreme weather risk leading to supply chain disruptions,” the order says.

An explanation that accompanies the order says as long as energy systems are moving away from burning fossil fuels anyway, the United States should capitalize on the trend.

“This global shift presents generational opportunities to enhance U.S. competitiveness and economic growth, while also creating well-paying job opportunities for workers,” the order says. 

Biden announced his American Jobs Plan shortly after his inauguration in January as a $2.3 trillion economic stimulus program that would rely heavily on improving clean energy infrastructure.

One part of it proposes a $174 billion public investment to expand the electric vehicle market in a joint effort with automakers. Other parts would improve public transit.

On Friday, Biden downgraded his proposal from $2.3 trillion to $1.7 trillion as Republicans warned the bigger price tag would be inflationary.

However, he has not backed away from his pledge to more than double U.S. commitments under the 2015 Paris climate agreement to reducing greenhouse gases.

Last week, the International Energy Agency said in a new report that global temperatures will continue to rise without a dramatic shift away from fossil fuels.

“Climate pledges by governments to date – even if fully achieved – would fall well short of what is required to bring global energy-related carbon dioxide emissions to net zero by 2050,” the report says.

Biden’s executive order reflected similar themes when it said, “We know that the climate crisis, whether through rising seas or extreme weather, already presents increasing risks to infrastructure, investments and businesses. Yet, these risks are often hidden.”

However, it also sounded upbeat about Biden’s environmental plans.

“The agency actions spurred by the president’s directive today will help safeguard the financial security of America’s families, businesses and workers from the climate related financial risks they are already facing,” a White House fact sheet accompanying the order said.

Beginning next year, the Biden administration is requiring the Office of Management and Budget to include climate risk in its financial projections.

In addition, large government contractors must disclose their greenhouse gas emissions and environmental risks they create. Government agencies are supposed to use the disclosures in making purchasing decisions.

Biden’s order reverses a Trump administration Labor Department policy that barred investment firms from considering environmental impacts in strategies for overseeing pensions and retirement funds.


A+
a-
  • climate
  • Joe Biden
  • Treasury Deaprtment
  • In The News

    Health

    Voting

    Climate

    A Fight Over Precious Groundwater in Rural California Town Is Rooted in Carrots

    NEW CUYAMA, Calif. (AP) — In the hills of a dry, remote patch of California farm country, Lee Harrington carefully... Read More

    NEW CUYAMA, Calif. (AP) — In the hills of a dry, remote patch of California farm country, Lee Harrington carefully monitors the drips moistening his pistachio trees to ensure they’re not wasting any of the groundwater at the heart of a vicious fight. He is one... Read More

    Storm Pounds New York City Area, Flooding Subways and Leading to Abandoned Vehicles

    NEW YORK (AP) — A potent rush-hour rainstorm swamped the New York metropolitan area on Friday, shutting down parts of... Read More

    NEW YORK (AP) — A potent rush-hour rainstorm swamped the New York metropolitan area on Friday, shutting down parts of the city's subway system, flooding streets and highways, and delaying flights into LaGuardia Airport. Up to 5 inches (13 centimeters) of rain fell in some areas... Read More

    Inside Scientists' Mission to Save America’s Wine Industry From Climate Change

    ALPINE, Ore. (AP) — The U.S. West Coast produces over 90% of America's wine, but the region is also prone... Read More

    ALPINE, Ore. (AP) — The U.S. West Coast produces over 90% of America's wine, but the region is also prone to wildfires — a combustible combination that spelled disaster for the industry in 2020 and one that scientists are scrambling to neutralize. Sample a good wine and you... Read More

    Boost in Solar Energy and EV Sales Gives Hope for Climate Goals, Report Says

    The window to limit human-caused warming to a globally agreed goal is narrowing but still open because of the huge... Read More

    The window to limit human-caused warming to a globally agreed goal is narrowing but still open because of the huge growth of solar energy and electric vehicles sales worldwide, a report said Tuesday. For the last two years, the rate of the build up of solar... Read More

    September 21, 2023
    by Dan McCue
    New ‘Climate Corps’ Will Serve as Green Jobs Training Program

    WASHINGTON — In a bid to further kick-start the green economy that is key to both his climate and economic... Read More

    WASHINGTON — In a bid to further kick-start the green economy that is key to both his climate and economic plan, President Joe Biden on Wednesday used his executive powers to create the American Climate Corps, the nation’s first large-scale job training program. According to a... Read More

    Governors, Biden Administration Push to Quadruple Efficient Heating, AC Units by 2030

    A group of 25 state governors that make up the U.S. Climate Alliance and the Biden administration announced a pledge... Read More

    A group of 25 state governors that make up the U.S. Climate Alliance and the Biden administration announced a pledge Thursday to quadruple the number of heat pumps in U.S. homes by 2030, from 4.7 million to 20 million. Heat pumps use little electricity, yet are able to heat... Read More

    News From The Well
    scroll top