US President Joe Biden says "powerful forces" are threatening to roll back Trump's climate policies as he prepares to take office.

US President Joe Biden warned of the dangers of "oligarchy" and "extreme wealth" to democracy in his final formal address as president, as President-elect Donald Trump prepares to start a government filled with billionaires his second term.

"Today, an oligarchy of extreme wealth, power and influence is taking shape in America that literally threatens our entire democracy, our fundamental rights and freedoms, and every human being," Biden said in a televised address from the Oval Office. A fair chance to succeed," the White House office said Wednesday night.

Biden's remarks came five days before Trump's January 20 inauguration and just hours after Israel and Hamas agreed to a ceasefire in Gaza, despite widespread opposition to the war among many Americans. The government appeared to have been unable to achieve this outcome for several months.

In his speech, Biden warned that "power is dangerously concentrated in the hands of a few ultra-rich people" and "if their abuse of power goes unchecked, there will be dangerous consequences."

At least 11 billionaires hold official positions in President-elect Trump's incoming administration, according to Democrats. Among them is billionaire Elon Musk, the world's richest man, who Trump said will co-lead the so-called Department of Government Effectiveness.

Biden also warned that "powerful forces" could undo his climate gains as unprecedented wildfires engulf the nation's second-largest city, Los Angeles.

Biden began his speech by briefly mentioning the newly announced ceasefire between Israel and Hamas in the Gaza Strip, which Israeli Prime Minister Benjamin Netanyahu attributed in part to Trump.

"After eight months of non-stop negotiations by my administration, Israel and Hamas have reached a ceasefire and hostage agreement," Biden said.

Biden added that while his team had negotiated the deal, he told them to keep "the incoming administration fully briefed" because the deal "will largely be implemented by them."

Despite claiming the ceasefire as an achievement of his presidency, many voters in the 2024 presidential election say they are unable to support the Democratic Party because of Biden's stubborn support for Israel's war in the Gaza Strip.

Biden, 82, dropped out of the re-election race after voters and his party raised concerns about his performance in the first presidential debate with then-Republican nominee Donald Trump. La Harris continued. Run for president and lose to Trump.

Biden is using his final days in office to impose a blanket ban on offshore oil and gas drilling, covering more than 625 million acres (253 million hectares), including "the entire U.S. East Coast, the eastern Gulf of Mexico" and "portions of the United States." Alaska’s Northern Bering Sea.”

This was seen as an apparent attempt to preempt Trump's promise to "drill, drill little" for oil on "Day One" of his second term.

"It will take time for us to feel the impact of what we have done together, but the seeds have been planted and they will grow and bloom for decades to come," Biden said in his farewell address.