Floods, fires and droughts, fueled by climate change, could cost the US federal budget as much as $2 trillion annually by the end of the century. The estimate is from the US government and, compared to this figure, indicates that greenhouse gas emissions are likely to continue at the pace today. That is, the cost of inaction would be about 10% of Washington’s GDP. The analysis revealed that Congress could spend an additional $25 to $128 billion annually on expenditures such as coastal disaster relief, and putting out fires and floods at federal facilities. Intense fires alone could raise federal costs of reversals by $1 billion to $550 million and $9 billion and $600 million annually, which would represent an increase of between 78% and 480% by the end of the century.
Just last year, a record heat and drought in the western United States ignited two wildfires that hit California and Oregon, among the largest in both states’ history. US President Biden, who has been supporting the fight against climate change since joining the White House in January 2021, has pushed for increased inland oil drilling and liquefied natural gas exports to Europe in recent weeks. Increased power inflation due to supply difficulties. all the while judging
, proposed by the administration in recent months, is likely to be permanently undone or severely curtailed in Congress. The president’s initial idea was to allocate $2 trillion, already revised down from the first three and a half, to measures with a strong environmental impact, including incentives for families and businesses to purchase electric transportation or for a change toward sustainable energy sources.
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