Biden issues sweeping executive order requiring agencies to combat climate change

By Abby Smith

Published May 20, 2021 9:32pm ET

Biden issues sweeping executive order requiring agencies to combat climate change — Federal Reserve Chair Janet Yellen speaks at the International Monetary Fund in Washington, Wednesday, July 2, 2014. Yellen said she doesn't see a need for the Fed to start raising interest rates to address the risk that extremely low rates could destabilize the financial system. (AP Photo/Susan Walsh) | Susan Walsh

President Joe Biden is directing federal agencies to identify and address financial risks posed by climate change in a sweeping executive order that could affect much of the government budget and many private industries.

The Thursday order is the latest action by the Biden administration to enlist the financial sector in fighting climate change, both through dedicated efforts to reduce climate-related economic risks and actions to minimize public investment in fossil fuels.