November 14, 2021
Economy

Climate crisis poses ‘serious risks’ to US economy, Biden administration warns | Biden administration

Joe Biden’s administration on Friday issued a 40-page report warning that the climate crisis “poses serious and systemic risks to the US economy and financial system” and setting out steps for action as “climate impacts are already affecting American jobs, homes, families’ hard-earned savings, and businesses”.

The report lays out what the White House calls government-wide plans to protect the economy with steps that potentially alter the mortgage process, stock market disclosures, retirement plans, federal procurement and government budgeting.

“The intensifying impacts of climate change present physical risk to assets, publicly traded securities, private investments, and companies … the failure of financial institutions … account for and measure these … risks threatens the competitiveness of US companies and markets, the life savings and pensions of US workers and…

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