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The Budgetary Effects of Climate Change and Their Potential Influence on Legislation: Recommendations for a Model of the Federal Budget
- Format:
- Book
- Author/Creator:
- Dolan, Flannery
- Language:
- English
- Other Title:
- Budgetary Effects of Climate Change and Their Potential Influence on Legislation
- Place of Publication:
- RAND Corporation 2023
- Summary:
- Climate change will induce increasingly severe and frequent hazards, such as heatwaves, wildfires, droughts, and floods. In turn, these hazards lead to increased spending in such areas as disaster relief, health care, and insurance programs. Climate change will also likely lead to a net reduction in revenue by affecting productivity, labor hours, and total labor force. The combination of these factors results in a substantial net loss to the federal budget because of climate change. However, these losses are currently underrepresented by the methodology used to quantify the costs and benefits of climate policy. In this report, the authors examine the ways that climate change and climate change mitigation policy affect the federal budget. They recommend ways to improve the modeling of such effects and provide an overview of a budget model that can be used to score legislation. This report is intended for modelers seeking to capture important relationships between climate, federal policy, and the economy. The authors aim to inform the eventual development of such a model. In particular, the report's analysis might be useful for analysts involved in budget modeling at policy research organizations, such as the Congressional Budget Office and Office of Management and Budget, and other policymakers involved with scoring legislation.
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