Climate change could cost U.S. $2 trillion a year by 2100: White House

Dry cracked earth is visible in an area of ​​Lake Powell that was previously underwater on March 28, 2022 in Page, Arizona. As severe drought enveloped parts of the western United States, the water level at Lake Powell dropped to its lowest level since the lake was created by damming the Colorado River in 1963.

Justin Sullivan | beautiful pictures

Floods, droughts, wildfires and hurricanes made worse by climate change could cost the US federal budget about $2 trillion a year, the White House said in a review Monday. loss of 7.1% in annual revenue – by the end of the century, the White House said in a review on Monday.

Analysis by the Office of Management and Budget, the federal budget regulator, also warned the US government could spend an additional $25 billion to $128 billion a year on areas like coastal disaster relief, flood insurance, crop insurance, health care insurance. , extinguishing wildland fires and flooding at federal facilities.

“The fiscal risks of climate change are enormous,” said Candace Vahlsing, OMB’s deputy climate director, and Danny Yagan, the organization’s chief economist, wrote in a blog published on Monday.

They wrote: “Climate change threatens communities and sectors across the country, including floods, droughts, extreme heat, wildfires and hurricanes affecting the US economy and the lives of people. everyday Americans”. “Future damage could reduce current damage if greenhouse gas emissions continue unabated.”

The news came out on the same day as the UN climate science panel Very much anticipated reportwhich warns that reducing global warming to 1.5 degrees Celsius above pre-industrial levels will require greenhouse gas emissions to peak before 2025.

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

The OMB analysis warns that intensification of wildfires could increase federal firefighting costs by $1.55 billion to $9.60 billion per year, increasing from 78% to 480% by the end of the century. Meanwhile, more frequent storms could drive annual coastal disaster response spending between $22 billion and $94 billion by 2100.

Additionally, 12,000 federal buildings across the country could be flooded by 10 feet due to sea level rise, with total replacement costs of more than $43.7 billion, the analysis said. However, that outlook will be high. A 2021 report from US National Oceanic and Atmospheric Administration predicts a range of sea level rise in the United States of between 0.6 meters (nearly two feet) to 2.2 meters (just over seven feet) by the end of this century.

chairperson Joe Biden last week offer his 2023 budget proposal, has raised nearly $45 billion in new funding for climate change, clean energy and environmental justice programs. The budget, which includes a nearly 60% increase in climate funding in fiscal year 2021, comes as Biden’s core legislation to tackle climate change is suspended in Congress.

The climate portion of the $1.75 trillion bill passed by the House, known as the Better Rebuilding Act, would be the largest federal clean energy investment ever, and could help the United States meet half of the president’s pledge to halve emissions by 2030, based on nonpartisan analysis firm Rhodium Group.

Earlier this year, Biden said he would probably need to split the planbut maintained that he believes Congress will still pass parts of it, including $555 billion in climate spending.

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