Politics
Biden Fight Against Climate Financial Risk Can’t Be One-Joe Show
- Executive action is more of a request to regulatory bodies
- Disclosure program will face opposition on overreach claims
Photographer: Doug Mills/The New York Times/Bloomberg
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Joe Biden’s goal of using regulation to limit the threat of climate change to the financial system can’t be accomplished with just the stroke of the presidential pen.
Thursday’s executive order setting the plan in motion is a big step, but only the first in a long process that the administration and regulators are feeling their way into. The White House lacks the power to get what it wants simply through executive fiat, and must overcome resistance from fossil-fuel industries and those in Congress who are warning against regulatory overreach.