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Biden Ordering Climate Risk Strategy for Financial Assets

  • Government-wide strategy set to be developed within 120 days
  • Treasury secretary asked to issue report on climate risk data
President Joe Biden

President Joe Biden

Photographer: Shawn Thew/EPA/Bloomberg

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President Joe Biden is ordering his administration to create a strategy to quantify the risks climate change poses to both public and private financial assets.

In a four-page executive order that he signed Thursday, the president is asking Treasury Secretary Janet Yellen, in her role as head of the Financial Stability Oversight Council, to recommend steps to reduce climate risks to financial stability, according to the administration. That assessment, which would be provided within six months, would also detail plans financial regulators have for bolstering disclosures.