President Joe Biden signed an executive order on Thursday to require federal agencies to evaluate the financial risks of climate change and use the analysis in a broader crackdown on climate change overall.
“Our modern financial system was built on the assumption that the climate was stable,” said Brian Deese, the chairman of the National Economic Council, according to the Washington Times.
“And today it’s clear that we no longer live in such a world,” he added.
Biden’s goal is to exclude the federal government from financing projects that produce greenhouse gas emissions. The order could have strong consequences given America’s economic dependence on oil and gas.
This latest move serves as one among many changes Biden has taken to fight climate change. Earlier in May, the president stated his goal to cut greenhouse gases more than 50 percent by 2030.
The Biden administration has also pursued climate change goals as part of its reentry into the Paris climate accord. Former President Donald Trump had removed America from the agreement.
Many have shown concerns the nation will require major changes that could hurt the nation’s economy. Biden appears undaunted, however, given his recent multi-trillion dollar proposals in other areas.
The president’s goal may be a crack down on financial connections with climate change, but it may result in financial upheaval among Americans as a result.