The US Treasury announced Wednesday it will study how climate change is affecting communities and households in the United States.

The department's Financial Literacy and Education Commission will look into "how households, communities, and the smallest businesses experience financial resilience in the face of climate change and climate transition," Treasury said in a statement.

It will also focus on "how to map climate-related financial risks, and identify which groups and regions will be most impacted," and also study the best ways to deal with the threats, with an emphasis "on historically disadvantaged people and regions."

"Beyond events like storms and wildfires, we expect climate change to impact insurance, credit and household savings," Treasury Under Secretary for Domestic Finance Nellie Liang said in a statement.

"It's vital that Treasury undertake this work, in collaboration with other experts in and outside of government, in order to help families prepare for climate-related financial risk."

Treasury Secretary Janet Yellen had on Tuesday encouraged leaders of several multilateral development banks to dedicate more capital towards projects intended to mitigate climate change.

Yellen urged officials from the World Bank, African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development and Inter-American Development Bank Group to "increase their focus on climate adaptation... and to support developing countries in implementing ambitious emissions reduction measures and protecting critical ecosystems."

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