President Joe Biden on May 20 issued an executive order, clearly guided by the May 18 International Energy Agency Report and the May 3-5 meeting of G7 foreign and economic ministers, to mandate a “whole of government” effort to stop investment in technologies involving carbon, or life, as rapidly as possible. Called the Executive Order on Climate-Related Financial Risk, it orders, among others:
• the National Climate Advisor (John Kerry) and the Director of the National Economic Council (Brian Deese from BlackRock, Inc.) to develop, within 120 days, a comprehensive government-wide climate-risk strategy to identify and disclose climate-related financial risk to government programs, assets, and liabilities, and get rid of it to reach economy-wide net-zero emissions by 2050; and
• “the Treasury Secretary, as head of the Financial Stability Oversight Council, to work with Council members to assess climate-related financial risk to the stability of the federal government and the stability of the U.S. financial system"; and within 180 days have the Council propose ways to reduce risks to financial stability through regulatory and supervisory practices – while of course ignoring the risk of unrestrained money-printing by the Federal Reserve and extreme levels of speculation on stocks, corporate and mortgage debt and derivatives; and
