Today, National Economic Council (NEC) Director Brian Deese, National Climate Advisor Gina McCarthy, and senior Administration officials held a virtual meeting with leaders and advocates focused on climate-related financial risks. The Administration officials and group discussed the risks that climate change poses to our financial system – both in terms of the physical risks posed by of climate impacts like increasingly frequent and severe storms, droughts, and wildfires, as well as transition risks related to the global shift to a net-zero economy.
NEC Director Deese and National Climate Advisor McCarthy emphasized that President Biden and Secretary Yellen are committed to increasing transparency around climate-related financial risks to our businesses and economy. They also highlighted the Administration’s commitment to carrying out President Biden’s executive order on tackling the climate crisis, which includes developing a climate finance plan that leverages multilateral and bilateral channels and institutions, assisting developing countries in implementing ambitious emissions reduction measures, protecting critical ecosystems, building resilience against the impacts of climate change, and promoting the flow of capital toward climate-aligned investments and away from high-carbon investments.
The Administration officials were grateful to listen to the group and hear their valuable insights and perspectives around shared priorities to advance transparency and disclosure around climate-related financial risk.