Chair Castor Applauds President Biden For Protecting Economy Against Climate Risks
WASHINGTON - On Thursday, Chair Kathy Castor of the Select Committee on the Climate Crisis released the following statement after President Biden issued his Executive Order on Climate-Related Financial Risk, outlining an all-of-government approach to address the threats the climate crisis poses to our economy:
"President Biden is taking important steps to strengthen our resilience and reduce climate risks across America, outlining a plan to make sure taxpayer dollars are used to protect our communities and our economy before the next disaster strikes," said Chair Castor. "There is not a moment to waste in preparing for climate risks and impacts. Just this week, Americans are facing widespread floods in the South, drought and wildfires in the West, and the threat of another active hurricane season.
"With today's executive actions, the President is working to ensure America’s families and businesses have the best climate risk data before they make important financial decisions - whether it's buying a new home, managing their investments, or safeguarding their retirement savings. President Biden is also making good on his promise to take an all-of-government approach in order to achieve economy-wide, net-zero emissions by 2050. These executive actions will move us in the right direction, as we leverage our federal purchasing power, unlock public and private financing, and protect federally-supported projects and budgets from the risks posed by climate change."
On Thursday, the White House announced a proactive agenda of fiscal responsibility to Build Back Better, protect families and workers, and mitigate climate risks, including:
- Identifying and disclosing climate-related financial risk to federal programs and assets;
- Assessing climate risks to the U.S. financial system and addressing climate threats to financial stability;
- Helping investment firms consider environmental, social, and government factors, including climate-related risks, to workers’ pensions;
- Calling for actions to incorporate climate risks into federal financial management and procurement, including developing new requirements for major federal suppliers to disclose greenhouse gas emissions and climate-related financial risks;
- Reducing climate risks to the federal budget, including the threats of increased costs and lost revenue from unmitigated climate change; and
- Strengthening federal standards against climate-fueled floods and storms.
President Biden's announcements align with the Select Committee's Climate Crisis Action Plan, which calls for shifting private capital toward climate-smart investments and ensuring the financial system is resilient to climate impacts.
More details available here.
Background: In June of 2020, the Select Committee on the Climate Crisis Democrats released the majority staff report Solving the Climate Crisis: The Congressional Action Plan for a Clean Energy Economy and a Healthy, Resilient, and Just America. This report provides a roadmap for Congress—a Climate Crisis Action Plan—to build a prosperous, clean energy economy that values workers, advances environmental justice, and is prepared to meet the challenges of the climate crisis.