The law represents the efforts of Biden’s management efforts to mitigate the effects of climate change and to achieve its goal of reducing global warming.
President Joe Biden has instructed his supervisors to devise a way to address the dangers of climate change in the economic and social spheres.
In a statement issued Thursday, the President called on Treasury Secretary Janet Yellen, as head of the Financial Stability Oversight Council, to promote ways to address climate change in economic stability, according to observers. The review, which will be presented within six months, will also inform the financial authorities in detail to encourage disclosure.
An independent mechanism for informing and disclosing weather conditions to government programs, assets and liabilities should be implemented within 120 days. It will be written by National Economic Council Director Brian Deese and National Climate Adviser Gina McCarthy in collaboration with Yellen and the Office of Management and Budget. The Department of Labor will be monitored to determine how to protect pensions from the risk of climate change.
“Our current economic strategy is built on the assumption that the climate is stable, and that the idea has dominated existing economic systems, and reflects how we earn money, how we have created people, and how we have them that is temporarily anticipated,” National Economic Council Director Brian Deese told reporters. Thursday. “Now it is clear that we are no longer living in such a world.”
Governments, regulators and business leaders on Wall Street have been discussing how financial companies should promote environmental risks and whether companies should provide more information to investors on these risks.
“Additions to climate change are at stake in assets, public securities, financial institutions, and companies,” Biden said in a statement. “At the same time, these global changes provide an opportunity for increased competitiveness in the United States and economic growth, as well as for employment opportunities for workers.”
The regulatory mandate represents the first step in managing the agency to mitigate the economic impact of climate change, and to achieve its long-term goal of reducing global warming.
Under Biden’s mandate, the OMB chief executive, in consultation with other agencies, has identified the real threat to the federal climate crisis and devised climate change mitigation measures in line with the President’s plans. The OMB and the Council of Economic Advisers have also conducted and published a study examining the government’s response to climate change.