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HomeNewsClimate change could cost US$2 trillion every year by 2100: OMB

Climate change could cost US$2 trillion every year by 2100: OMB

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Dry cracked earth is seen in an area of ​​Lake Powell that was previously underwater on March 28, 2022 in Page, Arizona. As a severe drought grips parts of the western United States, Lake Powell water levels have fallen to their lowest since the lake was created by damming the Colorado River in 1963.

Justin Sullivan | Getty Images

Floods, droughts, wildfires and hurricanes worsened by climate change could cost the US federal budget about $2 trillion a year by the end of the century, the White House said in an assessment Monday.

Analysis by the Office of Management and Budget, which administers the federal budget, found that climate change could affect federal revenue with an annual loss of 7.1% by the end of the century.

The report also determined that the federal government could spend an additional $25 billion to $128 billion each year on things like coastal disaster relief, flood insurance, crop insurance, health insurance , wildfire suppression and flooding at federal facilities.

“The fiscal risk of climate change is immense,” wrote Candace Vahlsing, OMB’s deputy climate director, and Danny Yagan, its chief economist, in a blog posted on Monday.

“Climate change threatens communities and sectors across the country, including floods, droughts, extreme heat, wildfires, and hurricanes that affect the American economy and the lives of ordinary Americans.” they wrote. “Future damage could eclipse current damage if greenhouse gas emissions continue unabated.”

The news comes on the same day as the long-awaited report from the UN’s climate science panel, which warned that to reduce global warming to 1.5 degrees Celsius above pre-industrial levels would require that greenhouse gas emissions peak before 2025.

The world has already warmed about 1.1 degrees Celsius above pre-industrial levels and is on track for a global temperature increase of 2.4 degrees Celsius by 2100.

The OMB analysis warned that escalating wildfires could increase federal fire suppression costs by $1.55 billion to $9.60 billion each year, representing a 78 percent increase to 480 % by the end of the century. Meanwhile, more frequent hurricanes could increase spending on coastal disaster response between $22 billion and $94 billion each year by the end of the century.

Additionally, 12,000 federal buildings across the country could be inundated by a ten-foot sea level rise, with total replacement costs of more than $43.7 billion, according to the analysis. However, this would be an extreme sea level rise figure for 2100. A 2021 report from the United States National Oceanic and Atmospheric Administration predicted a range of sea level rise in the United States between 0.6 meters (nearly two feet) and 2.2 meters (just over seven feet) by the end of the century.

President Joe Biden released his proposed 2023 budget last week, which included nearly $45 billion in new funding for programs on climate change, clean energy and environmental justice. The budget, which includes a nearly 60% increase in climate funding in fiscal year 2021, comes as the president’s key legislation to address climate change stalls in Congress.

The climate portion of the $1.75 trillion bill passed by the House, called the Build Back Better Act, would be the biggest federal investment ever in clean energy and could help bring the United States closer to climate change. President’s pledge to halve emissions by 2030, according to nonpartisan analytics firm Rhodium Group.

Earlier this year, Biden said he would likely need to scrap the plan, but maintained he believed Congress would still pass parts of it, including $555 billion in climate spending.

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.

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