President Biden Issues “Climate Risk & Strategy” Executive Order

As noted in this article from “The Hill,” President Biden’s executive order on climate directs Treasury Secretary Yellen – as the head of the FSOC, which consists of the heads of the financial regulators – to conduct a study to assess climate risk and develop a government-wide strategy for measuring, assessing, mitigating and disclosing climate risk to government programs, assets and liabilities. There are other items in the order as well.

This doesn’t mean the SEC will wait to continue down it’s current path to propose climate disclosure rules for public companies – it’s pretty clear the agency will at this point – it’s just another move by the Administration to show it’s tough on climate.