The White House Office of Management and Budget (OMB) on Tuesday released its first published analysis of avoided climate-related social costs resulting from a piece of legislation.
What Happened: The legislation analyzed was President Joe Biden’s $740 billion Inflation Reduction Act. The study found climate change will affect the U.S government ledger through the end of the century (2100) with long-range budget estimates showing that Federal revenues could be 7.1% lower annually, which translated to a nearly $2 trillion dollar loss.
