The plan seeks to mitigate the financial damage that extreme weather causes to homes and businesses, and reverse the supply disruption.
The strategies range from mortgage regulations to public procurement policies and changes in regulations for pension funds, insurance and information for investors.
“If this year has shown us anything, it is that climate change poses an urgent and systemic risk to our economy and to the lives and livelihoods of Americans,” said Gina McCarthy, President Joe Biden’s climate adviser.
“We must act now,” he told reporters.
According to the White House report, extreme weather has cost Americans an additional $ 600 billion in physical and economic damage in the past five years alone.
Among the plans, the government wants to change its management of programs to support victims of climate change.
This year alone, deadly storms struck Texas and the Midwest, wildfires raged through California, and successive hurricanes hit the east coast of the United States.
The initiative responds to a Biden executive order issued in May that instructs federal agencies to seek ways to mitigate the risks that climate change imposes on the entire economy and financial system.
In this sense, it seeks to change the regulations for the management of pensions and savings plans of companies, so that the administrators of these funds are authorized by law to integrate environmental, social and security criteria.
The Treasury Department launched a study on the climate impact on household finances, while housing agencies will take into account the risks in mortgage loans and flood insurance.
And the next budget plan, the president “will include an assessment of the Federal Government’s exposure to climate risk,” the report said.
“This is a critical first step in our efforts to address the systemic threat that climate change poses to our economy, our workers and our families, as well as our retirees,” McCarthy said.
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