A resolution recognizing that climate change portends a cascade of financial market collapses that would destabilize the national and global economies.
Sponsors
Legislative Progress
In CommitteeMr. Whitehouse (for himself, Mr. Merkley, Mr. Schatz, Mr. Markey, …
Summary
What This Bill Does
This Senate Resolution formally recognizes that uncontrolled climate change poses serious risks to both the U.S. and global economies. It cites specific evidence including $165 billion in U.S. extreme weather losses in 2022, potential $25 trillion decline in global property values, and warnings from major banks about systemic financial risks. As a non-binding resolution, it does not create any new laws or spending but expresses the Senate's position on climate-related financial dangers.
Who Benefits and How
Renewable energy companies and clean technology firms may benefit from increased political momentum toward climate action. Climate risk disclosure advocates and ESG-focused investors gain validation for their push to integrate climate considerations into financial regulation. Financial regulators like the SEC gain implicit political support for climate-related disclosure requirements they have been developing.
Who Bears the Burden and How
Fossil fuel companies and carbon-intensive industries face increased political pressure and signal of future regulatory action. Insurance companies in climate-vulnerable areas are highlighted as facing market instability from unaffordable premiums. However, since this is a non-binding resolution, no direct costs or requirements are imposed on any party.
Key Provisions
- Formally recognizes that extreme weather costs the U.S. $165 billion in 2022 alone
- Notes that climate change could cause a $25 trillion decline in global residential property values
- Cites warnings from national banks and the Financial Stability Board about systemic financial risks
- Acknowledges that an early, orderly transition to a low-carbon economy is preferable to sudden shocks
- States that the Senate recognizes climate change poses severe risks to national and global economies
Evidence Chain:
This summary is derived from the structured analysis below. See "Detailed Analysis" for per-title beneficiaries/burden bearers with clause-level evidence links.
Primary Purpose
A non-binding Senate resolution recognizing that unchecked climate change poses severe risks to national and global economies through insurance market disruptions, property value declines, and systemic financial instability.
Policy Domains
Legislative Strategy
"Express Senate recognition of climate-related financial risks to build political consensus for future regulatory or legislative action on climate finance disclosure and transition planning."
Likely Beneficiaries
- Renewable energy companies (may benefit from increased attention to low-carbon transition)
- Climate risk disclosure advocates
- Financial regulators seeking mandate for climate risk oversight
- Environmental advocacy organizations
Likely Burden Bearers
- Fossil fuel industry (implicit criticism of carbon-intensive economy)
- Financial institutions resisting climate disclosure requirements
- Property and casualty insurers in climate-vulnerable areas
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology