Feb 24, 2020 - Energy & Environment

G20 finance ministers note climate change risk for first time during Trump's tenure

German Finance Minister Olaf Scholz
German Finance Minister Olaf Scholz on Feb. 21 in Riyadh, Saudi Arabia. Photo: Florian Gaertner/Photothek via Getty Images

The closing memo from the G20 finance ministers' weekend meeting points out that the multilateral Financial Stability Board is "examining the financial stability implications of climate change."

Why it matters: The brief shout-out is the first time that G20 finance officials have referenced climate in a joint communique during the Trump administration, Reuters reports.

But, but, but: Their piece and the New York Times' write-up both report that administration officials resisted stronger language about the topic.

  • "The United States blocked including climate change on a list of downside risks to global growth that had won agreement by nearly all other G20 delegates," Reuters notes.

The big picture: The White House has de-emphasized climate-related risks in addition to weakening regulations and abandoning the Paris climate deal.

  • Despite the G20 language, U.S. Treasury Secretary Steven Mnuchin played down the inclusion of the language, per both outlets.

Go deeper: Climate change becomes a top business threat

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