Trump’s Treasury Department Withdraws from Global Coordination Group Targeting Impacts from Climate Change
WASHINGTON – As part of his wider attack on the federal government’s approach to the climate crisis, the U.S. Treasury Department announced that the Federal Insurance Office would withdraw from the Network of Central Banks and Supervisors for Greening the Financial System. The move comes two weeks after the office issued an alarming report on the state of homeowners insurance across the country. In response, Carly Fabian, senior insurance policy advocate with Public Citizen’s Climate Program, issued the following statement:
“Two weeks ago, the Federal Insurance Office issued one of the most alarming reports to date about the impact of climate change on homeowners and our financial system. It’s deeply concerning that after only two weeks under Trump, the Federal Insurance Office is now retreating from an international body specifically dedicated to addressing climate-related financial risks.
“Climate change is already wreaking havoc on insurance markets across the United States, creating a national affordability crisis. Homeowners across the country are seeing dire financial impacts in the form of rising premiums and non-renewal notices. Asking the one federal entity tasked specifically with monitoring insurance markets to bury its head in the sand on climate change is a recipe for financial disaster.”
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