Climate crisis poses ‘serious risks’ to US economy, Biden administration warns

White House issues 40-page report and sets out steps for action as ‘climate impacts already affecting’ jobs, homes and businesses

Joe Biden’s administration on Friday issued a 40-page report warning that the climate crisis “poses serious and systemic risks to the US economy and financial system” and setting out steps for action as “climate impacts are already affecting American jobs, homes, families’ hard-earned savings, and businesses”.

The report lays out what the White House calls government-wide plans to protect the economy with steps that potentially alter the mortgage process, stock market disclosures, retirement plans, federal procurement and government budgeting.

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