April 4, 2022
3 mins read

US budget set to rise $2 bn annually

The Office of Management and Budget assessment, tasked by President Joe Biden last May, found the upper range of climate change’s hit to the budget by the end of the century could total 7.1% annual revenue loss, equal to $2 trillion a year in today’s dollars…reports Asian Lite News

Flood, fire, and drought fueled by climate change could take a massive bite out of the federal budget per year by the end of the century, the White House has said in its first-ever such assessment.

The Office of Management and Budget assessment, tasked by President Joe Biden last May, found the upper range of climate change’s hit to the budget by the end of the century could total 7.1% annual revenue loss, equal to $2 trillion a year in today’s dollars.

“Climate change threatens communities and sectors across the country, including through floods, drought, extreme heat, wildfires, and hurricanes (affecting) the U.S. economy and the lives of everyday Americans,” Candace Vahlsing, an OMB climate and science official, and its chief economist Danny Yagan, said in a blog seen by Reuters ahead of publication on Monday.

“Future damages could dwarf current damages if greenhouse gas emissions continue unabated.”

The analysis found that the federal government could spend an additional $25 billion to $128 billion annually on expenditures such as coastal disaster relief, flood, crop, and healthcare insurance, wildfire suppression and flooding at federal facilities.

Just last year, a record heatwave and drought in the US.

West gave rise to two massive wildfires that tore through California and Oregon and were among the largest in the history of both states.

The severe drought that has gripped parts of the U.S. West since mid-2020 is likely to persist or worsen this spring due, the National Oceanic and Atmospheric Administration said in March.

US military bases, including Offutt Air Force Base in Nebraska and Tyndall Air Force base in Florida, have suffered billions of dollars in damage in recent years from floods and hurricanes.

Carbon emission(Pixabay)

The OMB said increased wildfires could boost federal fire suppression costs between $1.55 billion to $9.6 billion annually. Nearly 12,200 federal buildings and structures could be flooded as seas rise with replacement costs of nearly $44 billion.

Absent policies and actions to slow the rate of greenhouse gas emissions, world temperatures are on pace to rise more than 2 degrees Celsius (3.6F) above pre-industrial levels by the end of the century.

The grim OMB assessment came hours before publication of a long-awaited U.N. climate science panel report on methods of curbing the emissions, a report that some scientists say may downplay certain potentially devastating scenarios due to its consensual nature in which 195 governments had to sign off on it.

Biden, a Democrat who positioned himself as a champion for tackling climate change when he took office in January 2021, has been forced to support hiked domestic oil drilling and liquefied natural gas exports to Europe as Russia’s war on Ukraine spikes energy inflation.

The president’s “Build Back Better” bill, which contained hundreds of billions of dollars in funding to fight climate change and support clean energy, has been stalled in the narrowly-divided Senate by Republicans and West Virginia’s conservative Democrat Senator Joe Manchin, the founder and partial owner of a private coal brokerage.

Biden late last month submitted a $5.8 trillion budget plan to Congress with a focus on deficit reduction in an apparent overture to Manchin has said he could not vote for the bill because it would worsen deficits. Biden’s budget plan calls for nearly $45 billion to tackle climate change in fiscal year 2023, an increase of nearly 60% over fiscal year 2021.

ALSO READ: Court to issue warrant on Assange’s extradition to US

Previous Story

Egypt urges to halt escalation in Palestinian territories

Next Story

Ofcom suspends Khalsa TV licence

Latest from -Top News

Trump Lashes Out Over Fragile Truce

Trump mentioned that both countries “violated” the ceasefire that was announced late Monday….reports Asian Lite News US President Donald Trump on Tuesday issued a stern warning to both Israel and Iran, accusing

Global Brands Linked to Uyghur Labour Abuse

Labour rights experts warn that global brands are failing to account for the realities of their operations…reports Asian Lite News A recent investigation by The Bureau of Investigative Journalism has found that

Jaishankar Pays Tribute to Kanishka Victims

Jaishankar emphasised that the anniversary of the attack is a “stark reminder of why the world must show zero tolerance towards terrorism and violent extremism.”….reports Asian Lite News On the 40th anniversary

Taliban Severs Oil Deal with China Amid Growing Friction

Several countries have recently withdrawn from Chinese-funded infrastructure and resource deals, citing quality concerns, lack of transparency, and limited benefits for local populations….reports Asian Lite News The Taliban has cancelled a $540

Qatar Summons Iran Envoy Over Base Strike

Qatar’s Ministry of Foreign Affairs affirmed to Iranian Ambassador Ali Saleh Abadi that it reserves the right to respond to this flagrant violation in accordance with international law. Qatar on Tuesday summoned
Go toTop

Don't Miss

Harris hits back at Trump

Donald Trump claimed that Harris “all of a sudden, made

Fauci: Omicron cases likely to peak by end of January

The current seven-day daily average of cases in the United