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".

Under the new plan, the federal government will weigh up climate risks for employee benefit and retirement plan investments, incorporate climate disasters into lending and budgeting decisions and revise building standards for homes at risk of flooding. Government-backed mortgages for public housing will factor in the risk of calamitous floods, wildfires and other climate impacts.