Statement of Bob Perciasepe
President, Center for Climate and Energy Solutions

May 24, 2021

On President Biden’s Executive Order on Climate-Related Financial Risk:

“Climate risks pose a substantial threat to our economic stability. They are a growing danger to our federal infrastructure, central banking, federally backed insurance programs, retirement funds, and mortgages. C2ES welcomes the new Executive Order on Climate Related Financial Risk and the Biden Administration’s commitment to mainstreaming financial climate risk assessment and management across the U.S. financial system and the federal government’s operations, lending, and investments. This order will set an important precedent and support a necessary, economy-wide focus on climate-related risks, which can, along with policy and regulation, inform and support domestic decarbonization and resilience efforts. C2ES welcomes this Executive Order reestablishing the Federal Flood Risk Management Standard.

“Given the focus on pension funds, insurance, public infrastructure, and major suppliers to the U.S. government, the Executive Order can also complement, support, and build on the private sector’s ongoing efforts to improve climate-related financial risk measurement, assessment, and disclosure. To better understand how climate-related financial risks and opportunities are assessed and communicated, C2ES recently launched a project examining how several industry sectors are approaching this topic, and which measurement tools and management strategies are emerging that can be broadly implemented. To support these efforts, C2ES encourages the administration to invest in publicly available data and analysis tools to ensure that disclosure and risk assessment requirements are responsive to existing constraints in both the public and private sector. C2ES looks forward to working with the administration, agencies, and companies on this crucial issue.”

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To reach a C2ES expert, contact Alec Gerlach at press@c2es.org.

About C2ES: The Center for Climate and Energy Solutions (C2ES) is an independent, nonpartisan, nonprofit organization working to forge practical solutions to climate change. Our mission is to advance strong policy and action to reduce greenhouse gas emissions, promote clean energy, and strengthen resilience to climate impacts. Learn more at www.c2es.org.