The U.S. government is now starting to quantify the financial impact of unchecked global warming. The annual federal revenue loss? $2 trillion. The annual cost of damages from extreme weather? $120 billion.
Based on current warming trends, OMB predicted climate change could reduce the country's Gross Domestic Product, or economic output, by as much as 10% by the end of this century. That translates into an annual revenue loss to the federal budget of 7.1%, or about $2 trillion in today's dollars. For perspective, the Biden Administration's entire proposed budget for fiscal year 2023 is $5.8 trillion.
"It's kickstarting the government doing this," said Margaret Walls, Director of the Climate Risks and Impacts Program at Resources for the Future, a Washington research group. But, she continued,"it's imperfect."
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