(USNewsMag.com) – On April 4, the White House released the findings of the first-ever Federal Budget Exposure to Climate Risks, put together by the Office of Management and Budget (OMB). The study found climate change could cause a loss of $2 trillion per year by the end of the century. Also, the government might have to spend an additional $25 to $128 billion annually.
Today, CEA and OMB released a new white paper that details the macroeconomic implications of climate change, reviews climate-macro research and methodologies, and identifies resources in the Federal government for generating climate-macro projections. 1/ https://t.co/OBC5Tvb33v
— Council of Economic Advisers (@WhiteHouseCEA) April 4, 2022
According to the assessment, the extra annual costs would come from flood insurance, coastal disaster relief, wildland fire suppression, crop insurance, flooding at federal facilities, and healthcare insurance. Climate change could impact nearly every part of American life. The White House summed some of the alleged impacts up in a press release:
- An increase in hurricanes could cost upwards of $94 billion annually for the country’s coastal disaster response.
- More than 12,195 federal buildings could face flooding as sea levels rise, costing more than $43 billion.
- Wildfires could cost more than $9 billion annually.
The White House claimed Congress needs to take action by passing President Joe Biden’s budget, including the money to put his climate change initiatives in place. The report comes as Republicans criticize the POTUS for trying to push an anti-energy agenda while gas prices skyrocket, and American families are reeling from the economic pain.
Copyright 2022, USNewsMag.com