Overnight Energy: Biden signs order directing studies of climate-related financial risks | Biden administration takes step toward light bulb efficiency standard

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Today we’re looking at an executive order requiring government departments to assess climate risks on the financial system and government, the Energy Department’s step toward a lightbulb efficiency standard and some of the U.S. Park Police getting body cameras soon.

RISKY BUSINESS: Biden signs order directing studies of climate-related financial risks

President BidenJoe BidenTrump slams ‘weak’ Republicans who don’t want to talk about Arizona audit FDA advises against Chinese-made syringes citing safety issues On The Money: Biden tries to navigate bumpy recovery | Jobless claims hit another post-pandemic low | Treasury calls for 15 percent minimum global tax MORE on Thursday signed an executive order directing several federal departments and agencies to analyze the risks climate change poses to the U.S. financial system and federal government, the White House announced.

The order from Biden mandates a range of studies meant to expose the ways climate change, the severe weather it spurs, and the measures taken to fight it could threaten the financial stability of both the U.S. and the federal government.

Like what?

Biden’s order calls on Treasury Secretary Janet YellenJanet Louise YellenOn The Money: Biden tries to navigate bumpy recovery | Jobless claims hit another post-pandemic low | Treasury calls for 15 percent minimum global tax Overnight Energy: Biden signs order directing studies of climate-related financial risks | Biden administration takes step toward light bulb efficiency standard Biden signs order directing studies of climate-related financial risks MORE to work with the leaders of financial regulatory agencies to assess climate-related financial risks and potentially develop recommendations to “improve climate-related disclosures and other sources of data, and to incorporate climate-related financial risk into regulatory and supervisory practices.”
The order also directs the Labor Department to consider scrapping any rules imposed by the Trump administration that would limit the ability of investment firms to consider environmental, social or governance risks to pension funds they manage. The department was also asked to report on ways to protect savings and pensions from climate-related financial risks.
Biden’s order additionally calls on the White House National Climate Advisor and director of the National Economic Council to develop “a comprehensive government-wide climate-risk strategy to identify and disclose climate-related financial risk to government programs, assets, and liabilities,” and for other studies into climate-related threats to federal finances.

Read more about the executive order here.

BULBING BACK BETTER: Biden administration takes first step toward light bulb efficiency standard

The Biden administration is taking the first step necessary to instate an energy efficiency standard for light bulbs, a move that’s expected to undermine incandescent bulbs in favor of LEDs.

On Thursday, the Energy Department issued a pre-publication version of what’s known as a request for information asking stakeholders to weigh in on reinstating the standard.

Specifically, it asks for details like how long it will take stores to sell through their bulb inventories and what industry needs to do to avoid “stranded” inventory.

So what do people think? Supporters of reinstating the standards argue the move will reduce greenhouse gas emissions with less energy being used, as well as save consumers money on their electricity bills.

In 2019, the Trump administration determined that it did not need to instate the updated standard for incandescent light bulbs.

Then-Energy Secretary Dan Brouillette said in a statement at the time that he was choosing to “protect consumer choice.”