This is an archive of OMB's report. From the Report's Summary: The Federal Government's budget is directly and substantially at risk from expected lost revenues and increasing expenditures due to climate change in the coming decades. As directed by President Biden, agencies continue to build the technical and scientific capacity to assess the risks facing the Federal Government, and ultimately the American taxpayer, and to seek opportunities to use the best available information to implement measures to minimize that risk. This white paper captures these efforts by focusing on three objectives: (i) identify and assess climate financial risk for Federal programs, (ii) review Federal Agency plans for adaptation to climate change, and (iii) review and estimate the climate benefits of Federal investments in climate change mitigation. Below are some of the highlights from these three objectives: Federal Actions to Identify and Assess Climate Financial Risk. [...] Federal Agency Climate Adaptation Planning and Implementation. [...] Accounting for the Climate Benefits of Federal Investments. [...]