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Should We Budget For Climate Change? Should We Budget For Climate Change?

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Should We Budget For Climate Change?

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(Mark Wilson/Getty Images)

Environmentalists, economists, and lawmakers are pushing federal budget planners to take a closer look at the cost of climate change.

Last week, former Treasury Secretary Robert Rubin penned an op-ed for The Washington Post imploring planners to take financial risks associated with global warming into account when making long-term cost projections.

 

This week, Senate Democrats are likely to take the same line during a Senate Budget Committee hearing titled "The Costs of Inaction: The Economic and Budgetary Consequences of Climate Change." Committee Chairman Patty Murray is expected to talk about the fiscal effects associated with a heating planet and talk about how that could affect the federal budget.

What's the cost of climate change? And should long-term federal budget projections take climate change into account? If so, how should fiscal risks be assessed and measured?

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