WASHINGTON, (Reuters) – The White House released a Friday report outlining plans to assess and mitigate the risk that climate change presents to Americans and their economy. It also included programs to incorporate climate risks into budgeting and federal lending processes.

The report does not contain new projects. In fact, the Securities and Exchange Commission is currently reviewing mandatory disclosure rules to provide investors with more information about climate-related risk.

The report highlights the government’s efforts at addressing the issue at a crucial moment. This is weeks before President Joe Biden attends the Oct. 31-Nov.12 COP26 Climate Change Conference, Glasgow, Scotland.

Gina McCarthy, White House domestic climate adviser, said that while there was still more to be done to combat climate change, the first steps are crucial in our attempts to tackle the threat to our economy and workers as well as to our retirement system.

In the report, it promises that the White House will provide an assessment of federal government climate risk exposures in its annual budget. The agency also states that they will enhance federal underwriting and loan program standards in order to address climate-related financial threats to their loan portfolios.

According to the White House, the Department of Housing and Urban Development has begun to explore options for incorporating climate-related considerations in mortgages.

According to an executive Order Biden issued in May, the report requires development of a national climate-risk strategy and an annual assessment on climate-related fiscal hazards within 120 calendar days.