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Zailey Segura, Zavery Segura and their mother Karen Smith wade through flood waters while walking to the childrens fathers house after Hurricane Nicholas landed in Galveston, Texas on September 14, 2021. Photo: Mark Felix for The Washington Post via Getty Images)

A new White House report released Friday morning says climate change poses "systemic risks" to the U.S. financial system, and presents a "roadmap" to building a "climate-resilient" economy.

Why it matters: Top aides emphasized that framing to promote wide-ranging moves that will weave climate risk into many agencies' new policies and regulations.

Driving the news: The roadmap describes a series of existing and upcoming efforts, including ...

  • White House plans to consider the effects of climate change in long term budget forecasts.
  • Department of Housing and Urban Development plans to weave climate risks into federally insured or guaranteed mortgages.
  • Federal Emergency Management Agency plans to revise building standards in flood zones.
  • Labor Department plans to ensure retirement fund managers can weigh climate change in investment decisions, reversing Trump-era policies.

The big picture: The report asserts that "U.S. financial markets and institutions face systemic risks from climate change." Senior officials called the conclusion significant.

  • "That term, systemic risk, carries a lot of weight," Bharat Ramamurti, deputy director at the National Economic Council, told reporters Thursday night.
  • “Its inclusion in this roadmap reflects our belief that because many financial models and investment portfolios still rely on out of date assumptions of climatic stability, climate change is already creating severe disruptions to our economic and financial system,” he said.

What we're watching: The report is among multiple analyses and strategy documents called for under a May executive order on climate-related financial risk.

  • A separate forthcoming strategy is expected to focus more heavily on federal oversight of how banks and other financial institutions address the topic.
  • The May order tasks the Treasury Department, as head of the multi-agency Financial Stability Oversight Council, with crafting analysis on improving risk disclosures and stitching climate-related financial risks into regulation and supervision.

Go deeper

Fall is heating up in Austin

Expand chart
Data: Climate Central; Chart: Axios Visuals

This year's warm fall wasn't just a one-off. Autumn in Austin is getting warmer.

Why it matters: Sure, some people like a warm fall day, but fundamental climate changes can lead to more mosquitoes, higher cooling costs and longer allergy seasons.

Australia joins U.S. in diplomatic boycott of Beijing Winter Olympics

Australian Prime Minister Scott Morrison. Photo: Darrian Traynor/Getty Images

Australia is joining the U.S. in a diplomatic boycott of the 2022 Beijing Winter Olympic Games in protest of human rights abuses committed by China's government, Prime Minister Scott Morrison said Wednesday.

Driving the news: After the Biden administration's announcement that U.S. officials won't attend the Games due to the ongoing genocide of Uighurs and other Muslim minorities in the Xinjiang region of China, Morrison said at a Sydney briefing that Australia would follow suit as "it's the right thing to do."

Progressives to file resolution to strip Boebert's committee seats

Rep. Lauren Boebert walking through the Senate side of the U.S. Capitol earlier this month. Photo: Drew Angerer/Getty Images

House progressives are planning to introduce a resolution on Wednesday to strip Rep. Lauren Boebert (R-Colo.) of her committee assignments, according to a Democratic aide familiar with the matter.

Why it matters: The move, which was first reported by the Washington Post, comes as progressives — anxious to see the right-wing firebrand face retribution for her recent comments — have grown frustrated by Democratic leadership's inaction on the issue.