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State of Play: Climate Risk

State of Play: Climate Risk

State of Play: The Biden-Harris Administration will bring significant changes to the federal government’s approach to climate change. President-elect Biden has proposed an ambitious plan to address climate change as he seeks to reach net-zero emissions by 2050 through large-scale investments and initiatives and the use of executive orders (more below). Additionally, Biden has maintained the “personnel is policy” mantra by selecting candidates for administration positions that will embed climate policy into departments outside of the traditional environmental agencies (e.g., John Kerry as Climate Czar, Brian Deese as National Economic Council Director). However, embedding consideration of climate risks into financial regulation is complex and fairly partisan and it remains to be seen how far and fast the Biden Administration can implement changes without proper incentives.