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Home » Climate change can impact your finances. The government wants to come up with solutions

Climate change can impact your finances. The government wants to come up with solutions

Climate change can impact your finances. The government wants to come up with solutions

Climate change can have a direct impact on your wallet.

Not only can it affect your bills, from insurance to food and utilities, but if you are hit by an event like a wildfire or hurricane, you can lose your home, income or both.

The U.S. Treasury Department is now taking steps to better understand the financial risks of climate change and climate transition to Americans, especially in low-income and historically disadvantaged communities, a senior administration official told CNBC.

It is part of the Biden administration’s overall effort to tackle climate change.

“Americans across the country have seen firsthand how extreme weather events, which have increased due to climate change, can impact their financial wellbeing,” said Treasury Undersecretary Nellie Liang.

“Beyond events like storms and wildfires, we expect climate change to impact insurance, credit, and household savings,” Liang added.

To begin, Liang plans to meet with members of the Treasury Department’s Financial Literacy Education Commission, which is made up of the heads of 19 additional federal agencies, on Oct. 13 at 2 p.m. ET.

The meeting, which can be viewed online by the public, will not only look at the risks climate change poses to Americans’ finances, but also who is most likely to bear the risk and what resources, tools and policies are needed to help households become more financially resilient, the senior administration official said.

The United Nations recently issued a stark warning about the impact of climate change. Its report said limiting global warming to close to 1.5 degrees Celsius or 2 degrees Celsius above pre-industrial levels will be “beyond reach” in the next two decades without immediate, rapid and large-scale reductions in greenhouse gas emissions.

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