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Biden unveils plan to address climate change risks to economy

U.S. Vice President Joe Biden gives remarks about the September Jobs Numbers in the South Court Auditorium, Eisenhower Executive Office Building. This was on October 8, 2021, Washington, DC.

Chip Somodevilla | Getty Images

Friday saw the Biden administration unveil a plan for all government agencies to combat the climate change threat that is threatening every sector of the economy.

It is part of the Biden administration’s long-term plan. slash domestic greenhouse gas emissions nearly in half by 2030 and transition to a net-zero economy by mid-century while mitigating the impact of climate change on the economy.

The stability of the global financial market could be threatened by climate-related catastrophes such as heatwaves, droughts, floods, and wildfires.

Extreme weather events will be common this year affected one in three AmericansAccording to federal disaster declarations and disruptions in supply chains throughout the country, Extreme weather has been a major concern in the last five years. has cost AmericansAccording to the National Oceanic and Atmospheric Administration, there have been more than 600 billion dollars in damage.

This plan by the administration accounts for the impact of climate change on the businesses people invest in. It also aims to preserve the retirement savings and pensions American families who have retired plans. According to the White House, climate-related risk in retirement plans has already cost American retirees billions of dollars in lost pension funds.

The report states that the Department of Labor has “led efforts to eliminate regulatory barriers and make sure that employee benefit plan fiduciaries are able to incorporate climate-related risks into investments decisions.” These efforts will help to protect American workers’ lives and families against the effects of climate change and can also mobilise capital for sustainable investments.

This roadmap shows how the agencies can increase resilience to climate-related disasters. This roadmap shows agencies how to leverage federal procurement in order to reduce climate-related financial loss.

There are more than 20 federal agencies this month published climate adaptation plansThe biggest climate-related threats to their operation and facilities, as well as how they intend to address them.

National Climate Advisor Gina McCarthy stated that climate change is a threat to America’s economy, as well as the livelihoods and lives of Americans. She spoke to reporters on Thursday during a conference call. “This roadmap isn’t just about protecting our financial system — it’s about protecting people, their paychecks and their prosperity.”

Bharat Rajamurti was the deputy director at the National Economic Council. He stated, “We are clearly-eyed to the how climate change poses systemic risks to our economy.” We are adopting a prudent approach to reflect the fact that we cannot afford inaction.

It is called “A Roadmap To Build A Climate-Resilient Econopolis.”

Vice President Biden called the Treasury Secretary. Janet YellenThe head of the Financial Stability Oversight CouncilThe report will be jointly produced by financial regulators, the CFTC and other financial regulators. This report is still in draft.

The first lady and the president are set to travel to Europe in two weeksBiden will be addressing the world’s climate crisis at the top of his agenda. Biden will also be traveling to Glasgow, Scotland to take part in the United Nations Climate Change Conference of the Parties (COP26) at the beginning of November.

Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.