Department of the Treasury
Information on the IRS's climate-related regulations under the Inflation Reduction Act is available at IRATracker.org.
Note: On January 20, 2025, President Trump issued a memorandum instituting a regulatory freeze, preventing agencies from issuing proposals or rules pending review by Trump-appointed agency heads. On January 31, 2025, President Trump issued Executive Order 14192, directing agencies to identify 10 existing regulations to eliminate for each new regulation they promulgate.
Climate Plans and Studies
Executive Order 14008 (Tackling the Climate Crisis at Home and Abroad) and Executive Order 14057 (Catalyzing Clean Energy Industries and Jobs Through Federal Sustainability), together require each federal agency to develop climate adaptation plan, and to submit annual progress reports to communicate agency action to bolster climate adaptation and resilience.
Biden Administration (2021-2024)
On March 28, 2022, the U.S. Department of the Treasury, alongside the release of President Joe Biden’s Fiscal Year 2023 Budget, released its General Explanations of the Administration's Fiscal Year 2023 Revenue Proposals, or “Greenbook.” The Greenbook further describes revenue measures in the FY2023 Budget including eliminating fossil fuel tax preferences and modifying oil spill liability trust fund financing and Superfund excise taxes.
On October 13, 2021, the Treasury launched a new effort to study the impact of climate change on households and communities through the Financial Literacy and Education Commission (FLEC). FLEC’s efforts to create a Climate Change Impact Study were a direct response to President Biden’s Executive Orders 14030 and 13985, “Climate-Related Financial Risk” and “Advancing Racial Equity and Support for Underserved Communities Through the Federal Government.”
On October 7, 2021, twenty-three federal agencies released plans detailing how they will adapt to climate change and increase resilience to climate change impacts. The plans include a variety of resiliency and adaptation measures, including steps to develop a more resilient supply chain, to enhance protections for workers and communities, and to increase climate literacy and leadership within Federal agencies. The climate adaptation and resilience plans were previously submitted to and reviewed by the National Climate Task Force, White House Council on Environmental Quality’s Federal Chief Sustainability Officer, and the Office of Management and Budget. President Biden mandated these plans in his January 27, 2021 Executive Order on Tackling the Climate Crisis at Home and Abroad.
- 2021 Climate Action Plan (Aug. 2021)
Climate-Related Financial Risk
Executive Order 14030 (May 20, 2021) (Climate-Related Financial Risk) directs the Secretary of the Treasury to undertake a number of actions to assess climate-related financial risk.
On March 8, 2024, the U.S. Department of the Treasury’s Federal Insurance Office (FIO) launched a collaboration with state insurance regulators and the National Association of Insurance Commissioners (NAIC), advancing its efforts to collect insurance data to better understand the impacts of climate-related financial risks on the insurance sector.
Biden Administration (2021-2024)
On March 8, 2024, the U.S. Department of the Treasury’s Federal Insurance Office (FIO) launched a collaboration with state insurance regulators and the National Association of Insurance Commissioners (NAIC), advancing its efforts to collect insurance data to better understand the impacts of climate-related financial risks on the insurance sector.
On October 3, 2022, the Treasury Department’s Financial Stability Oversight Council (Council) established the Climate-related Financial Risk Advisory Committee (CFRAC) and named the initial slate of committee members. The Council announced its plan to establish the CFRAC in its 2021 Report on Climate-Related Financial Risk.
On October 21, 2021, the U.S. Department of the Treasury’s Financial Stability Oversight Council (FSOC) released a new report, “Report on Climate-Related Financial Risk,” in response to President Biden’s Executive Order 14030, Climate-related Financial Risk. For the first time, FSOC identified climate change as an emerging and increasing threat to U.S. financial stability.
International Initiatives
On February 11, 2025 Acting Comptroller of the Currency Rodney Hood announced that the Office of the Comptroller of the Currency (OCC) has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). The NGFS is a group of central banks and supervisors that voluntarily work to address environmental and climate risk management in the financial sector. The OCC’s announcement added that “severe weather events may be a broader societal concern, [but] they do not fall within the OCC's statutory mandate. Going forward, the OCC's focus must singularly remain on fulfilling our core mission.”
Second Trump Administration (2025-2029)
On February 11, 2025 Acting Comptroller of the Currency Rodney Hood announced that the Office of the Comptroller of the Currency (OCC) has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). The NGFS is a group of central banks and supervisors that voluntarily work to address environmental and climate risk management in the financial sector. The OCC’s announcement added that “severe weather events may be a broader societal concern, [but] they do not fall within the OCC's statutory mandate. Going forward, the OCC's focus must singularly remain on fulfilling our core mission.”
On January 30, 2025, Treasury's Federal Insurance Office announced its withdrawal from NGFS. The announcement added that "NGFS was organized to help to meet the goals of the Paris Agreement, from which the United States withdrew," and that "NGFS’s initiatives are inconsistent with this Administration’s priorities to grow the U.S. economy and American jobs."
On January 21, 2025, the FDIC announced that it has withdrawn from NGFS. The FDIC explained its decision to withdraw by claiming “the work of NGFS is not within the FDIC’s authorities and mandate.”
Biden Administration (2021-2025)
On July 26, 2024, the Treasury and the Brazilian Ministry of Finance (Fazenda) jointly announced the Brazil Fazenda – U.S. Treasury Climate Partnership focused on clean energy supply chains, high-integrity carbon markets, nature and biodiversity finance, and multilateral climate funds.
On December 2, 2023, the Biden-Harris Administration announced the United States’ multi-year pledge of $3 billion for the Green Climate Fund (GCF) for its Second Replenishment (GCF-2), 2024-2027.
On February 17, 2022, the U.S. Department of the Treasury’s Federal Insurance Office (FIO) announced that it had joined the Network of Central Banks and Supervisors for Greening the Financial System (NGFS).