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Trump’s Executive Actions Ignore the Risk the Climate Crisis Poses to American Financial System and Economy

Washington — In one of his first official actions of his second term, President Donald Trump rolled back an executive order issued by the Biden administration in 2021 intended to protect Americans from the financial risks posed by the impacts of climate change. In response, Ernesto Archila, climate and financial regulation policy director with Public Citizen’s Climate Program, issued the following statement: 

“Ignoring the financial risks of the climate crisis will not make them go away. The crisis is real, nowhere is safe from it, and its costs will be shouldered by all. Climate change is already burning down people’s homes in LA and beyond, and flooding through our doors in places once thought safe. It is already impacting people’s ability to access and afford property insurance. It is already threatening to spread risk out of the insurance sector to destabilize our financial system.

“Failing to measure and address climate risks will only limit or foreclose the opportunities to meet this challenge, ensure a livable environment, and lead the world in a sustainable energy transition. Unacceptably, the Trump Administration is already choosing to bolster the wealth and power of fossil fuel companies, banks and insurers over the well-being of our people. President Trump is now responsible for marshalling a response to this urgent crisis—and for the impacts on all Americans of his unacceptable choice to ignore it.

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