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White House Report Calls For Reevaluation of Federal Government’s Climate-Related Spending Priorities
April 25, 2023On March 20, 2023, the White House Council of Economic Advisers released the Economic Report of the President (“Report”). Chapter 9 of the Report, entitled “Opportunities for Better Managing Weather Risk in the Changing Climate,” addresses a range of risks and opportunities presented by climate change, including the federal government’s spending priorities in light of anticipated costly extreme weather events, which are projected to pose increasing threats to economic, social, infrastructural and government systems. As the White House’s Office of Management and Budget estimated in 2022, the Federal Government could see a 7.1% drop in annual tax revenue by 2100 due to the adverse effect of climate change on macroeconomic growth.
