Biden’s new executive order on climate change leaves a key question unanswered ...Middle East

Quartz - Economy
Biden’s new executive order on climate change leaves a key question unanswered
source : Quartz ( Middle East ) () 9
Climate change poses a grave risk to the financial system. Catastrophic impacts like sea level rise and drought threaten critical supply chains, home mortgages, and infrastructure, and the escalating transition away from fossil fuels could destabilize banks’ investments in fossil energy companies. Savings accounts and pension funds, in turn, are in jeopardy. Yet so far, only a minority of global banks have attempted to calculate their exposure to climate risk, and even fewer have publicly disclosed it.That could change soon in the US, following a new executive order issued by president Joe Biden on the evening of May 20 that mandates the development of new rules and priorities for a host of

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