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Executive Order On Climate-Related Financial Risk: One Small Step For Climate, One Giant Leap For Federal Climate Policy

By Vinson & Elkins LLP

On May 20, 2021, President Biden signed a long-anticipated Executive Order on Climate-Related Financial Risk (the “Executive Order”). The Executive Order establishes a policy “to advance consistent, clear, intelligible, comparable, and accurate disclosure of climate-related financial risk,” addressing such broadly varying actions as potential regulation of climate risk in the U.S. financial system and addressing the Department of Labor’s (“DOL”) Trump-era ESG investing rules.


Biden’s new executive order on climate change leaves a key question unanswered

By Tim McDonnell

Climate change poses a grave risk to the financial system. Catastrophic impacts like sea level rise and drought threaten critical supply chains, home mortgages, and infrastructure, and the escalating transition away from fossil fuels could destabilize banks’ investments in fossil energy companies. Savings accounts and pension funds, in turn, are in jeopardy. Yet so far, only a minority of global banks have attempted to calculate their exposure to climate risk, and even fewer have publicly disclosed it.


Biden Executive Order Targets Climate Financial Risks

By Avery Ellfeldt

The directive charges federal agencies with assessing the potential economic toll of warming and urging regulators to it


Biden Signs EO to Evaluate and Mitigate Climate-Related Financial Risk

President Biden signed an executive order on climate-related financial risk, a cross-governmental plan that directs federal agencies to identify and mitigate financial risks presented by climate change to Americans, businesses, and the government itself. The administration said that Americans are already facing risks due to worsening extreme weather events and other climate threats and they deserve to understand how these risks affect their financial security.


Remarks by Secretary of the Treasury Janet L. Yellen on the Executive Order on Climate-Related Financial Risks

Achieving net zero emissions in the United States will require transformational investments in our energy sector and the broader economy, and the global financial sector will be a crucial player, helping channel capital into investments that green our society.

But in order for the financial sector to do that, it also must be resilient to the risks that climate change poses.


Biden order on climate financial risk reaches deep into the economy

By Lorraine Woellert

President Joe Biden will direct agencies to mitigate the financial risk of climate change to homeowners, consumers, federal workers, businesses and the government itself in a sweeping executive order signed Thursday.


White House launches sweeping climate risk initiative

By Ben Geman and Andrew Freedman

President Biden issued an executive order Thursday that directs agencies government-wide to launch or expand efforts to analyze and lessen economic risks stemming from climate change.

Why it matters: The order lays the groundwork for new oversight and mandates that would affect banking and other sectors. It signals growing concerns that the government lacks sophisticated understanding of how global warming creates new or growing jeopardy for financial and government institutions and consumers.


Biden’s climate executive orders are a mini-Green New Deal

By Dana Nuccitelli

Imagine a deployment of federal investments to curb U.S. greenhouse gas emissions from various sectors including electricity, transportation, and agriculture, with the goal of creating millions of jobs and an eye on correcting environmental injustices in the process.


Joe Biden’s Climate Plan

By Coral Davenport

The president has signed several executive orders for environmental policies since taking office. But the real work of reducing America’s emissions has just begun.


The Energy 202: Today is Biden’s ‘Climate Day.’ Here’s what to expect.

By Dino Grandoni

President Biden is preparing a slew of executive orders Wednesday building out the new administration’s agenda for tackling climate change, in what is being dubbed “Climate Day.”