White House officials discussed climate-related financial risks in a virtual meeting with climate change advocates.
Meeting Tuesday, Biden administration officials, including National Economic Council Director Brian Deese and National Climate Advisor Gina McCarthy, discussed the physical risks as well as the transition risks related to the global shift to a net-zero economy.
Mr. Deese and Ms. McCarthy emphasized that President Joe Biden and Treasury Secretary Janet Yellen "are committed to increasing transparency around climate-related financial risks to our businesses and economy," the White House said. They also repeated the administration's commitment to carrying out Mr. Biden's executive order on tackling the climate crisis, including a climate finance plan leveraging multilateral channels and institutions, assisting developing countries with emissions reduction measures, and "promoting the flow of capital toward climate-aligned investments and away from high-carbon investments."
On Friday, Mr. Biden will meet virtually with his counterparts in Japan, India and Australia in a group known as the quad to discuss priorities that include the climate crisis.
The quad meeting will be the first attended by the leaders themselves, White House press secretary Jen Psaki said Tuesday.
"That President Biden has made this one of his earliest multilateral engagements speaks to the importance we place on close cooperation with our allies and partners in the Indo-Pacific," she said. Topics to be discussed include the global threat of COVID-19, economic cooperation and the climate "at an even higher level than has been done in the past with key partners to the United States," she said.
U.S. special envoy for climate John Kerry is in Europe to relaunch trans-Atlantic cooperation following Mr. Biden's move to rejoin the Paris Agreement. He told European officials that he wants to raise the ambition of that agreement, but Ms. Psaki said that specific recommendations would be disclosed after Mr. Kerry returns and meets with the U.S. climate officials.