Mar 10, 2021 - Politics & Policy

Biden administration sharpens focus on climate risks to financial system

a pile of money on ice
Illustration: Rebecca Zisser/Axios

This week is providing fresh hints of the Biden's administration's efforts on both climate funding and climate-related risks to the financial system.

Driving the news: Secretary of State Antony Blinken told the board of the U.S. International Development Finance Corporation (DFC) that its work will be "front and center" at the global climate summit the White House is holding April 22.

  • "Development finance is a powerful tool for addressing the climate crisis," he said.
  • Blinken said he and climate envoy John Kerry are "very interested in how the DFC can help drive investment toward climate solutions, innovation in climate resilience, renewable energy, and decarbonization technologies."

What we're watching: The Wall Street Journal reports that the U.S. and China will co-chair a "G-20 study group focusing on climate-related financial risks."

  • And yesterday National Economic Council director Brian Deese and Gina McCarthy, Biden's top domestic climate official, met virtually with "leaders and advocates focused on climate-related financial risks," the White House said.
Go deeper