By Ken Silverstein | energybiz
A congressional watchdog agency has put climate change atop the financial risks that could imperil the federal government. It’s the first time that the General Accountability Office has given the phenomenon such infamy — but it’s still unlikely to sway those who say the issue is not one for government to solve.
The analysis will undoubtedly provide ammunition to those who say that the White House and Congress are critical in the effort to reduce greenhouse gas emissions. Already, the U.S. Environmental Protection Agency has enacted rules to curb those emissions and made it very difficult to construct new coal facilities. Opponents of those actions have said that the aberrant weather patterns are part of a natural cycle — not manmade emissions.
The agency does not make the distinction: “Climate change creates significant financial risks for the federal government, which owns extensive infrastructure, such as defense installations; insures property through the National Flood Insurance Program; and provides emergency aid in response to natural disasters. The federal government is not well positioned to address the fiscal exposure presented by climate change, and needs a government wide strategic approach with strong leadership to manage related risks,” the report states.
It says that between 2004 and 2011, that weather-related events have cost the federal government $80 billion. It is worth noting that Washington requested $60.4 billion to provide remedies to those affected by Hurricane Sandy.
