U.S. wants federal contracts to reflect climate risk By Reuters

U.S. wants federal contracts to reflect climate risk By Reuters

© Reuters. U.S. President Joe Biden delivers remarks about international transportation provide chain bottlenecks from the East Room on the White House in Washington, U.S., October 13, 2021. REUTERS/Leah Millis

By Valerie Volcovici

WASHINGTON (Reuters) – The Biden administration on Thursday started a course of to amend federal procurement guidelines to require the U.S. authorities – the world’s largest purchaser of products and companies – to issue the dangers of climate develop into its contracts.

The administration put out a discover of proposed rulemaking searching for enter over 60 days from federal contractors on an modification to the Federal Acquisition Regulation to guarantee it “minimizes the risk of climate change.”

The rulemaking course of carries out an govt order by President Joe Biden in May that seeks to assist slash greenhouse fuel emissions by the availability chain and make it extra resilient to the impacts of climate change.

“Today’s action sends a strong signal that in order to do business with the Federal government, companies must protect consumers by beginning to mitigate the impact of climate change on their operations and supply chains,” said Shalanda Young, acting director of the White House Office of Management and Budget.

The executive order called for amendments to federal procurement rules to factor in the “social cost” of greenhouse fuel emissions, which is an estimate of the monetized damages related to elevated emissions.

Public enter is sought about methodologies for measuring greenhouse fuel emissions of services and products; how emissions will be factored into procurement selections and the way the federal government can standardize greenhouse fuel reporting strategies.

Young stated that modifications to public procurement determination making “can shift markets, drive innovation, and be a catalyst for new global standards.” 

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