SlideShare a Scribd company logo
1 of 10
Download to read offline
Presentation to the Macroeconomic Group
The Australian Treasury
March 30, 2023
Joseph Kile
Microeconomic Studies Division
An Overview of CBO’s Role in
Assessing Climate Change
For more information about the host, see https://treasury.gov.au/.
CBO was established to give the Congress a stronger role in budget matters.
The agency provides analysis of budgetary and economic issues that is objective
and impartial. It is strictly nonpartisan and does not make policy
recommendations.
CBO follows processes that are specified in statute or that it has developed in
concert with the budget committees and Congressional leadership. CBO’s chief
responsibility under the Budget Act is to help the budget committees with the
matters under their jurisdiction.
CBO’s Role
See Congressional Budget Office, Budgetary Effects of Climate Change and of Potential Legislative Responses to It (April 2021), www.cbo.gov/publication/57019.
Budgetary Effects of Climate Change and Efforts to Address It
Climate change results in
physical effects that reduce
economic output.
Potential consequences
exist for revenues,
mandatory spending, and
discretionary spending.
Adaptation and mitigation
could reduce physical and
budgetary effects.
Effects of Climate Change
See Congressional Budget Office, Potential Increases in Hurricane Damage in the United States: Implications for the Federal Budget (June 2016), www.cbo.gov/publication/51518.
Estimates of Hurricane Damage
The cost of hurricane
damage is expected to
increase more than the
economy will grow.
Expected annual damage in
2016 was 0.16 percent of
gross domestic product
(GDP).
Expected annual damage in
2075 is 0.22 percent of GDP.
See Congressional Budget Office, The 2021 Long-Term Budget Outlook (March 2021), www.cbo.gov/publication/56977; and Evan Herrnstadt and Terry Dinan, CBO’s Projection of
the Effect of Climate Change on U.S. Economic Output, Working Paper 2020-06 (Congressional Budget Office, September 2020), www.cbo.gov/publication/56505.
How Climate Change Is Expected to Change the Level of
Real Gross Domestic Product in 2050
Climate change will reduce
the growth rate of real
(inflation-adjusted) GDP
from 2020 to 2050 by an
average of 0.03 percentage
points.
That difference in annual
growth accumulates to a
1.0 percent reduction in the
projected level of real GDP
in 2050.
Climate change will have
effects on people’s well-
being that are not measured
in GDP.
Billions of 2020 Dollars
Spending on Wildfire Suppression by the U.S. Forest Service and Department of the Interior
0
1
2
3
4
1985 1990 1995 2000 2005 2010 2015 2020
Five-Year
Average
Department
of the Interior
Agencies
Forest
Service
See Congressional Budget Office, Wildfires (June 2022), www.cbo.gov/publication/57970.
How Wildfires Affect the Federal Budget
Wildfires affect the
federal budget through
spending on fire
suppression, forest
management, disaster
assistance, and other
activities.
The 5-year moving
average for federal
spending on wildfire
suppression has tripled
in recent years.
Climate change has
created hotter and drier
conditions that are
conducive to longer
and more severe
wildfire seasons.
Effects of Policies That Would
Address Climate Change
See Congressional Budget Office, “Impose a Tax on Emissions of Greenhouse Gases,” in Options for Reducing the Deficit, 2023 to 2032—Volume I: Larger Reductions (December
2022), www.cbo.gov/budget-options/58638.
How a Tax on Greenhouse Gas Emissions Would Affect the
Federal Budget
See Congressional Budget Office, Emissions of Carbon Dioxide in the Electric Power Sector (December 2022), www.cbo.gov/publication/58419.
Projected Carbon Dioxide Emissions From the Electric Power
Sector Before and After the 2022 Reconciliation Act

More Related Content

Similar to An Overview of CBO’s Role in Assessing Climate Change

The Budget, the Economy, and the Budgetary Effects of Legislative Changes
The Budget, the Economy, and the Budgetary Effects of Legislative ChangesThe Budget, the Economy, and the Budgetary Effects of Legislative Changes
The Budget, the Economy, and the Budgetary Effects of Legislative ChangesCongressional Budget Office
 
Cbo 2013 ltbo44521 ltbo 0
Cbo 2013 ltbo44521 ltbo 0Cbo 2013 ltbo44521 ltbo 0
Cbo 2013 ltbo44521 ltbo 0editorinchief
 
CBO: Its Role, Long-Term Projections, and Use of Research
CBO: Its Role, Long-Term Projections, and Use of ResearchCBO: Its Role, Long-Term Projections, and Use of Research
CBO: Its Role, Long-Term Projections, and Use of ResearchCongressional Budget Office
 
The Impact of Sequestration... (Scott Pattison, 2013 ABFM Conf)
The Impact of Sequestration... (Scott Pattison, 2013 ABFM Conf)The Impact of Sequestration... (Scott Pattison, 2013 ABFM Conf)
The Impact of Sequestration... (Scott Pattison, 2013 ABFM Conf)PublicFinanceTV
 
An Overview of the 2021 Long-Term Budget Outlook
An Overview of the 2021 Long-Term Budget OutlookAn Overview of the 2021 Long-Term Budget Outlook
An Overview of the 2021 Long-Term Budget OutlookCongressional Budget Office
 
Contemporary Australian Fiscal Policy (2019)
Contemporary Australian Fiscal Policy (2019)Contemporary Australian Fiscal Policy (2019)
Contemporary Australian Fiscal Policy (2019)AndrewTibbitt1
 
State of Minnesota Economic Outlook: Implications for the System
State of Minnesota Economic Outlook: Implications for the SystemState of Minnesota Economic Outlook: Implications for the System
State of Minnesota Economic Outlook: Implications for the Systemguest962eab
 
State of Minnesota Economic Outlook: Implications for the System
State of Minnesota Economic Outlook: Implications for the SystemState of Minnesota Economic Outlook: Implications for the System
State of Minnesota Economic Outlook: Implications for the SystemKHanon
 
State of Minnesota Economic Outlook: Implications for the System
State of Minnesota Economic Outlook: Implications for the SystemState of Minnesota Economic Outlook: Implications for the System
State of Minnesota Economic Outlook: Implications for the Systemguest962eab
 
State of Minnesota Economic Outlook: Implications for the System
State of Minnesota Economic Outlook: Implications for the SystemState of Minnesota Economic Outlook: Implications for the System
State of Minnesota Economic Outlook: Implications for the SystemBecky LaPlant
 
An Overview of The Budget and Economic Outlook: 2019 to 2029
An Overview of The Budget and Economic Outlook: 2019 to 2029An Overview of The Budget and Economic Outlook: 2019 to 2029
An Overview of The Budget and Economic Outlook: 2019 to 2029Congressional Budget Office
 
Growing Healthcare Costsandthe Federal Debt
Growing Healthcare Costsandthe Federal DebtGrowing Healthcare Costsandthe Federal Debt
Growing Healthcare Costsandthe Federal DebtHealthwork
 

Similar to An Overview of CBO’s Role in Assessing Climate Change (20)

The Budget and Economic Outlook: 2022 to 2032
The Budget and Economic Outlook: 2022 to 2032The Budget and Economic Outlook: 2022 to 2032
The Budget and Economic Outlook: 2022 to 2032
 
The Budget, the Economy, and the Budgetary Effects of Legislative Changes
The Budget, the Economy, and the Budgetary Effects of Legislative ChangesThe Budget, the Economy, and the Budgetary Effects of Legislative Changes
The Budget, the Economy, and the Budgetary Effects of Legislative Changes
 
Cbo 2013 ltbo44521 ltbo 0
Cbo 2013 ltbo44521 ltbo 0Cbo 2013 ltbo44521 ltbo 0
Cbo 2013 ltbo44521 ltbo 0
 
CBO’s Support of the U.S. Congress
CBO’s Support of the U.S. Congress CBO’s Support of the U.S. Congress
CBO’s Support of the U.S. Congress
 
CBO: Its Role, Long-Term Projections, and Use of Research
CBO: Its Role, Long-Term Projections, and Use of ResearchCBO: Its Role, Long-Term Projections, and Use of Research
CBO: Its Role, Long-Term Projections, and Use of Research
 
The Impact of Sequestration... (Scott Pattison, 2013 ABFM Conf)
The Impact of Sequestration... (Scott Pattison, 2013 ABFM Conf)The Impact of Sequestration... (Scott Pattison, 2013 ABFM Conf)
The Impact of Sequestration... (Scott Pattison, 2013 ABFM Conf)
 
CBO’s Assessment of the Economic Outlook
CBO’s Assessment of the Economic OutlookCBO’s Assessment of the Economic Outlook
CBO’s Assessment of the Economic Outlook
 
Budget and Economic Projections
Budget and Economic ProjectionsBudget and Economic Projections
Budget and Economic Projections
 
An Overview of the 2021 Long-Term Budget Outlook
An Overview of the 2021 Long-Term Budget OutlookAn Overview of the 2021 Long-Term Budget Outlook
An Overview of the 2021 Long-Term Budget Outlook
 
Contemporary Australian Fiscal Policy (2019)
Contemporary Australian Fiscal Policy (2019)Contemporary Australian Fiscal Policy (2019)
Contemporary Australian Fiscal Policy (2019)
 
The 2020 Budget and Economic Outlook
The 2020 Budget and Economic OutlookThe 2020 Budget and Economic Outlook
The 2020 Budget and Economic Outlook
 
CBO’s 2023 Long-Term Budget Projections
CBO’s 2023 Long-Term Budget ProjectionsCBO’s 2023 Long-Term Budget Projections
CBO’s 2023 Long-Term Budget Projections
 
State of Minnesota Economic Outlook: Implications for the System
State of Minnesota Economic Outlook: Implications for the SystemState of Minnesota Economic Outlook: Implications for the System
State of Minnesota Economic Outlook: Implications for the System
 
State of Minnesota Economic Outlook: Implications for the System
State of Minnesota Economic Outlook: Implications for the SystemState of Minnesota Economic Outlook: Implications for the System
State of Minnesota Economic Outlook: Implications for the System
 
State of Minnesota Economic Outlook: Implications for the System
State of Minnesota Economic Outlook: Implications for the SystemState of Minnesota Economic Outlook: Implications for the System
State of Minnesota Economic Outlook: Implications for the System
 
State of Minnesota Economic Outlook: Implications for the System
State of Minnesota Economic Outlook: Implications for the SystemState of Minnesota Economic Outlook: Implications for the System
State of Minnesota Economic Outlook: Implications for the System
 
Making Choices About Federal Spending and Taxes
Making Choices About Federal Spending and TaxesMaking Choices About Federal Spending and Taxes
Making Choices About Federal Spending and Taxes
 
An Overview of The Budget and Economic Outlook: 2019 to 2029
An Overview of The Budget and Economic Outlook: 2019 to 2029An Overview of The Budget and Economic Outlook: 2019 to 2029
An Overview of The Budget and Economic Outlook: 2019 to 2029
 
Budget Outlook
Budget OutlookBudget Outlook
Budget Outlook
 
Growing Healthcare Costsandthe Federal Debt
Growing Healthcare Costsandthe Federal DebtGrowing Healthcare Costsandthe Federal Debt
Growing Healthcare Costsandthe Federal Debt
 

More from Congressional Budget Office

The U.S. Budget and Economic Outlook (Presentation)
The U.S. Budget and Economic Outlook (Presentation)The U.S. Budget and Economic Outlook (Presentation)
The U.S. Budget and Economic Outlook (Presentation)Congressional Budget Office
 
CBO’s Recent Appeals for New Research on Health-Related Topics
CBO’s Recent Appeals for New Research on Health-Related TopicsCBO’s Recent Appeals for New Research on Health-Related Topics
CBO’s Recent Appeals for New Research on Health-Related TopicsCongressional Budget Office
 
How the Congressional Budget Office Assists Lawmakers
How the Congressional Budget Office Assists LawmakersHow the Congressional Budget Office Assists Lawmakers
How the Congressional Budget Office Assists LawmakersCongressional Budget Office
 
Introduction to the Role of the Congressional Budget Office
Introduction to the Role of the Congressional Budget OfficeIntroduction to the Role of the Congressional Budget Office
Introduction to the Role of the Congressional Budget OfficeCongressional Budget Office
 
The Federal Perspective on Coverage of Medications to Treat Obesity: Consider...
The Federal Perspective on Coverage of Medications to Treat Obesity: Consider...The Federal Perspective on Coverage of Medications to Treat Obesity: Consider...
The Federal Perspective on Coverage of Medications to Treat Obesity: Consider...Congressional Budget Office
 
CBO’s Approach to Estimating the Budgetary Effects of the No Surprises Act of...
CBO’s Approach to Estimating the Budgetary Effects of the No Surprises Act of...CBO’s Approach to Estimating the Budgetary Effects of the No Surprises Act of...
CBO’s Approach to Estimating the Budgetary Effects of the No Surprises Act of...Congressional Budget Office
 
The Budget and Economic Outlook for 2024 to 2034: Press Briefing Slides
The Budget and Economic Outlook for 2024 to 2034: Press Briefing SlidesThe Budget and Economic Outlook for 2024 to 2034: Press Briefing Slides
The Budget and Economic Outlook for 2024 to 2034: Press Briefing SlidesCongressional Budget Office
 
The Economic Outlook for 2024 to 2034 in 19 Slides
The Economic Outlook for 2024 to 2034 in 19 SlidesThe Economic Outlook for 2024 to 2034 in 19 Slides
The Economic Outlook for 2024 to 2034 in 19 SlidesCongressional Budget Office
 
Using Multiple Data Sources to Learn About the Race and Ethnicity of Taxpayers
Using Multiple Data Sources to Learn About the Race and Ethnicity of TaxpayersUsing Multiple Data Sources to Learn About the Race and Ethnicity of Taxpayers
Using Multiple Data Sources to Learn About the Race and Ethnicity of TaxpayersCongressional Budget Office
 
Perspectives on the Navy’s 2024 Shipbuilding Plan
Perspectives on the Navy’s 2024 Shipbuilding PlanPerspectives on the Navy’s 2024 Shipbuilding Plan
Perspectives on the Navy’s 2024 Shipbuilding PlanCongressional Budget Office
 
The 2024 Outlook for Navy Shipbuilding: Familiar Plans and Higher Costs
The 2024 Outlook for Navy Shipbuilding: Familiar Plans and Higher CostsThe 2024 Outlook for Navy Shipbuilding: Familiar Plans and Higher Costs
The 2024 Outlook for Navy Shipbuilding: Familiar Plans and Higher CostsCongressional Budget Office
 
Exploring the Effects of Medicaid During Childhood on the Economy and the Budget
Exploring the Effects of Medicaid During Childhood on the Economy and the BudgetExploring the Effects of Medicaid During Childhood on the Economy and the Budget
Exploring the Effects of Medicaid During Childhood on the Economy and the BudgetCongressional Budget Office
 
CBO’s Role and Most Recent Long-Term Budget Projections
CBO’s Role and Most Recent Long-Term Budget ProjectionsCBO’s Role and Most Recent Long-Term Budget Projections
CBO’s Role and Most Recent Long-Term Budget ProjectionsCongressional Budget Office
 
Approaches to Estimating the Noncyclical Rate of Unemployment
 Approaches to Estimating the Noncyclical Rate of Unemployment Approaches to Estimating the Noncyclical Rate of Unemployment
Approaches to Estimating the Noncyclical Rate of UnemploymentCongressional Budget Office
 
CBO’s Analysis of the Long-Term Budgetary Outlook
CBO’s Analysis of the Long-Term Budgetary OutlookCBO’s Analysis of the Long-Term Budgetary Outlook
CBO’s Analysis of the Long-Term Budgetary OutlookCongressional Budget Office
 
Projecting the Effects of U.S. Federal Policies on Electric Vehicle Demand an...
Projecting the Effects of U.S. Federal Policies on Electric Vehicle Demand an...Projecting the Effects of U.S. Federal Policies on Electric Vehicle Demand an...
Projecting the Effects of U.S. Federal Policies on Electric Vehicle Demand an...Congressional Budget Office
 

More from Congressional Budget Office (20)

The Outlook for the Budget and the Economy
The Outlook for the Budget and the EconomyThe Outlook for the Budget and the Economy
The Outlook for the Budget and the Economy
 
The U.S. Budget and Economic Outlook (Presentation)
The U.S. Budget and Economic Outlook (Presentation)The U.S. Budget and Economic Outlook (Presentation)
The U.S. Budget and Economic Outlook (Presentation)
 
CBO’s Recent Appeals for New Research on Health-Related Topics
CBO’s Recent Appeals for New Research on Health-Related TopicsCBO’s Recent Appeals for New Research on Health-Related Topics
CBO’s Recent Appeals for New Research on Health-Related Topics
 
The Federal Budget and Health Care Policy
The Federal Budget and Health Care PolicyThe Federal Budget and Health Care Policy
The Federal Budget and Health Care Policy
 
How the Congressional Budget Office Assists Lawmakers
How the Congressional Budget Office Assists LawmakersHow the Congressional Budget Office Assists Lawmakers
How the Congressional Budget Office Assists Lawmakers
 
Introduction to the Role of the Congressional Budget Office
Introduction to the Role of the Congressional Budget OfficeIntroduction to the Role of the Congressional Budget Office
Introduction to the Role of the Congressional Budget Office
 
The Federal Perspective on Coverage of Medications to Treat Obesity: Consider...
The Federal Perspective on Coverage of Medications to Treat Obesity: Consider...The Federal Perspective on Coverage of Medications to Treat Obesity: Consider...
The Federal Perspective on Coverage of Medications to Treat Obesity: Consider...
 
CBO’s Approach to Estimating the Budgetary Effects of the No Surprises Act of...
CBO’s Approach to Estimating the Budgetary Effects of the No Surprises Act of...CBO’s Approach to Estimating the Budgetary Effects of the No Surprises Act of...
CBO’s Approach to Estimating the Budgetary Effects of the No Surprises Act of...
 
The Budget and Economic Outlook for 2024 to 2034: Press Briefing Slides
The Budget and Economic Outlook for 2024 to 2034: Press Briefing SlidesThe Budget and Economic Outlook for 2024 to 2034: Press Briefing Slides
The Budget and Economic Outlook for 2024 to 2034: Press Briefing Slides
 
The Economic Outlook for 2024 to 2034 in 19 Slides
The Economic Outlook for 2024 to 2034 in 19 SlidesThe Economic Outlook for 2024 to 2034 in 19 Slides
The Economic Outlook for 2024 to 2034 in 19 Slides
 
Using Multiple Data Sources to Learn About the Race and Ethnicity of Taxpayers
Using Multiple Data Sources to Learn About the Race and Ethnicity of TaxpayersUsing Multiple Data Sources to Learn About the Race and Ethnicity of Taxpayers
Using Multiple Data Sources to Learn About the Race and Ethnicity of Taxpayers
 
Perspectives on the Navy’s 2024 Shipbuilding Plan
Perspectives on the Navy’s 2024 Shipbuilding PlanPerspectives on the Navy’s 2024 Shipbuilding Plan
Perspectives on the Navy’s 2024 Shipbuilding Plan
 
The 2024 Outlook for Navy Shipbuilding: Familiar Plans and Higher Costs
The 2024 Outlook for Navy Shipbuilding: Familiar Plans and Higher CostsThe 2024 Outlook for Navy Shipbuilding: Familiar Plans and Higher Costs
The 2024 Outlook for Navy Shipbuilding: Familiar Plans and Higher Costs
 
CBO’s Use of GitHub
CBO’s Use of GitHubCBO’s Use of GitHub
CBO’s Use of GitHub
 
Exploring the Effects of Medicaid During Childhood on the Economy and the Budget
Exploring the Effects of Medicaid During Childhood on the Economy and the BudgetExploring the Effects of Medicaid During Childhood on the Economy and the Budget
Exploring the Effects of Medicaid During Childhood on the Economy and the Budget
 
CBO’s Role and Most Recent Long-Term Budget Projections
CBO’s Role and Most Recent Long-Term Budget ProjectionsCBO’s Role and Most Recent Long-Term Budget Projections
CBO’s Role and Most Recent Long-Term Budget Projections
 
Atlas of Military Compensation
Atlas of Military CompensationAtlas of Military Compensation
Atlas of Military Compensation
 
Approaches to Estimating the Noncyclical Rate of Unemployment
 Approaches to Estimating the Noncyclical Rate of Unemployment Approaches to Estimating the Noncyclical Rate of Unemployment
Approaches to Estimating the Noncyclical Rate of Unemployment
 
CBO’s Analysis of the Long-Term Budgetary Outlook
CBO’s Analysis of the Long-Term Budgetary OutlookCBO’s Analysis of the Long-Term Budgetary Outlook
CBO’s Analysis of the Long-Term Budgetary Outlook
 
Projecting the Effects of U.S. Federal Policies on Electric Vehicle Demand an...
Projecting the Effects of U.S. Federal Policies on Electric Vehicle Demand an...Projecting the Effects of U.S. Federal Policies on Electric Vehicle Demand an...
Projecting the Effects of U.S. Federal Policies on Electric Vehicle Demand an...
 

Recently uploaded

Topical Guide for RID 3830 Public Image Training Series.ppsx
Topical Guide for RID 3830 Public Image Training Series.ppsxTopical Guide for RID 3830 Public Image Training Series.ppsx
Topical Guide for RID 3830 Public Image Training Series.ppsxAnbr Cama
 
Nitrogen filled high expansion foam in open Containers
Nitrogen filled high expansion foam in open ContainersNitrogen filled high expansion foam in open Containers
Nitrogen filled high expansion foam in open ContainersHarm Kiezebrink
 
Managing large-scale outbreaks at Farrow-to-Weaner Farms
Managing large-scale outbreaks at Farrow-to-Weaner FarmsManaging large-scale outbreaks at Farrow-to-Weaner Farms
Managing large-scale outbreaks at Farrow-to-Weaner FarmsHarm Kiezebrink
 
Families and Climate Change - iyf30 - IDF.2024 AGENDA PROGRAMME.
Families and Climate Change - iyf30 - IDF.2024 AGENDA PROGRAMME.Families and Climate Change - iyf30 - IDF.2024 AGENDA PROGRAMME.
Families and Climate Change - iyf30 - IDF.2024 AGENDA PROGRAMME.Christina Parmionova
 
Help set up SERUDS Orphanage virtual classroom
Help set up SERUDS Orphanage virtual classroomHelp set up SERUDS Orphanage virtual classroom
Help set up SERUDS Orphanage virtual classroomSERUDS INDIA
 
RPO America Peer Exchange: Rural Transportation Planning Programs
RPO America Peer Exchange: Rural Transportation Planning ProgramsRPO America Peer Exchange: Rural Transportation Planning Programs
RPO America Peer Exchange: Rural Transportation Planning ProgramsRPO America
 
EDI Executive Education MasterClass- 15thMay 2024 (updated).pdf
EDI Executive Education MasterClass- 15thMay 2024 (updated).pdfEDI Executive Education MasterClass- 15thMay 2024 (updated).pdf
EDI Executive Education MasterClass- 15thMay 2024 (updated).pdfEnergy for One World
 
World Wildlife Crime Report 2024 - Introduction
World Wildlife Crime Report 2024 - IntroductionWorld Wildlife Crime Report 2024 - Introduction
World Wildlife Crime Report 2024 - IntroductionChristina Parmionova
 
Plant health, safe trade and digital technology.
Plant health, safe trade and digital technology.Plant health, safe trade and digital technology.
Plant health, safe trade and digital technology.Christina Parmionova
 
Low Atmospheric Pressure Stunning is not a humane alternative to Carbon Dioxi...
Low Atmospheric Pressure Stunning is not a humane alternative to Carbon Dioxi...Low Atmospheric Pressure Stunning is not a humane alternative to Carbon Dioxi...
Low Atmospheric Pressure Stunning is not a humane alternative to Carbon Dioxi...Harm Kiezebrink
 
Securing the Future | Public Good App House
Securing the Future | Public Good App HouseSecuring the Future | Public Good App House
Securing the Future | Public Good App HouseTechSoup
 
2024: The FAR - Federal Acquisition Regulations, Part 34
2024: The FAR - Federal Acquisition Regulations, Part 342024: The FAR - Federal Acquisition Regulations, Part 34
2024: The FAR - Federal Acquisition Regulations, Part 34JSchaus & Associates
 
Finland's mental health policy and its implementation: a CSO perspective
Finland's mental health policy and its implementation: a CSO perspectiveFinland's mental health policy and its implementation: a CSO perspective
Finland's mental health policy and its implementation: a CSO perspectiveKristian Wahlbeck
 
IEA Global Critical Minerals Outlook2024
IEA Global Critical Minerals Outlook2024IEA Global Critical Minerals Outlook2024
IEA Global Critical Minerals Outlook2024Energy for One World
 
OECD Green Talks LIVE | Diving deeper: the evolving landscape for assessing w...
OECD Green Talks LIVE | Diving deeper: the evolving landscape for assessing w...OECD Green Talks LIVE | Diving deeper: the evolving landscape for assessing w...
OECD Green Talks LIVE | Diving deeper: the evolving landscape for assessing w...OECD Environment
 
Building a better Britain: How cities like Bradford can help to end economic ...
Building a better Britain: How cities like Bradford can help to end economic ...Building a better Britain: How cities like Bradford can help to end economic ...
Building a better Britain: How cities like Bradford can help to end economic ...ResolutionFoundation
 
Medieval Iraq Demographic Factors Yale Historical Review
Medieval Iraq Demographic Factors Yale Historical ReviewMedieval Iraq Demographic Factors Yale Historical Review
Medieval Iraq Demographic Factors Yale Historical Reviewyalehistoricalreview
 
Tennessee DOT- TEVI Plan coordination & EV
Tennessee DOT- TEVI Plan coordination & EVTennessee DOT- TEVI Plan coordination & EV
Tennessee DOT- TEVI Plan coordination & EVRPO America
 
WhenWomenTakeControl.pdf Yale Historical Review
WhenWomenTakeControl.pdf Yale Historical ReviewWhenWomenTakeControl.pdf Yale Historical Review
WhenWomenTakeControl.pdf Yale Historical Reviewyalehistoricalreview
 
“Bee engaged with Youth”. World Bee Day 2024; May. 20th.
“Bee engaged with Youth”. World Bee Day 2024; May. 20th.“Bee engaged with Youth”. World Bee Day 2024; May. 20th.
“Bee engaged with Youth”. World Bee Day 2024; May. 20th.Christina Parmionova
 

Recently uploaded (20)

Topical Guide for RID 3830 Public Image Training Series.ppsx
Topical Guide for RID 3830 Public Image Training Series.ppsxTopical Guide for RID 3830 Public Image Training Series.ppsx
Topical Guide for RID 3830 Public Image Training Series.ppsx
 
Nitrogen filled high expansion foam in open Containers
Nitrogen filled high expansion foam in open ContainersNitrogen filled high expansion foam in open Containers
Nitrogen filled high expansion foam in open Containers
 
Managing large-scale outbreaks at Farrow-to-Weaner Farms
Managing large-scale outbreaks at Farrow-to-Weaner FarmsManaging large-scale outbreaks at Farrow-to-Weaner Farms
Managing large-scale outbreaks at Farrow-to-Weaner Farms
 
Families and Climate Change - iyf30 - IDF.2024 AGENDA PROGRAMME.
Families and Climate Change - iyf30 - IDF.2024 AGENDA PROGRAMME.Families and Climate Change - iyf30 - IDF.2024 AGENDA PROGRAMME.
Families and Climate Change - iyf30 - IDF.2024 AGENDA PROGRAMME.
 
Help set up SERUDS Orphanage virtual classroom
Help set up SERUDS Orphanage virtual classroomHelp set up SERUDS Orphanage virtual classroom
Help set up SERUDS Orphanage virtual classroom
 
RPO America Peer Exchange: Rural Transportation Planning Programs
RPO America Peer Exchange: Rural Transportation Planning ProgramsRPO America Peer Exchange: Rural Transportation Planning Programs
RPO America Peer Exchange: Rural Transportation Planning Programs
 
EDI Executive Education MasterClass- 15thMay 2024 (updated).pdf
EDI Executive Education MasterClass- 15thMay 2024 (updated).pdfEDI Executive Education MasterClass- 15thMay 2024 (updated).pdf
EDI Executive Education MasterClass- 15thMay 2024 (updated).pdf
 
World Wildlife Crime Report 2024 - Introduction
World Wildlife Crime Report 2024 - IntroductionWorld Wildlife Crime Report 2024 - Introduction
World Wildlife Crime Report 2024 - Introduction
 
Plant health, safe trade and digital technology.
Plant health, safe trade and digital technology.Plant health, safe trade and digital technology.
Plant health, safe trade and digital technology.
 
Low Atmospheric Pressure Stunning is not a humane alternative to Carbon Dioxi...
Low Atmospheric Pressure Stunning is not a humane alternative to Carbon Dioxi...Low Atmospheric Pressure Stunning is not a humane alternative to Carbon Dioxi...
Low Atmospheric Pressure Stunning is not a humane alternative to Carbon Dioxi...
 
Securing the Future | Public Good App House
Securing the Future | Public Good App HouseSecuring the Future | Public Good App House
Securing the Future | Public Good App House
 
2024: The FAR - Federal Acquisition Regulations, Part 34
2024: The FAR - Federal Acquisition Regulations, Part 342024: The FAR - Federal Acquisition Regulations, Part 34
2024: The FAR - Federal Acquisition Regulations, Part 34
 
Finland's mental health policy and its implementation: a CSO perspective
Finland's mental health policy and its implementation: a CSO perspectiveFinland's mental health policy and its implementation: a CSO perspective
Finland's mental health policy and its implementation: a CSO perspective
 
IEA Global Critical Minerals Outlook2024
IEA Global Critical Minerals Outlook2024IEA Global Critical Minerals Outlook2024
IEA Global Critical Minerals Outlook2024
 
OECD Green Talks LIVE | Diving deeper: the evolving landscape for assessing w...
OECD Green Talks LIVE | Diving deeper: the evolving landscape for assessing w...OECD Green Talks LIVE | Diving deeper: the evolving landscape for assessing w...
OECD Green Talks LIVE | Diving deeper: the evolving landscape for assessing w...
 
Building a better Britain: How cities like Bradford can help to end economic ...
Building a better Britain: How cities like Bradford can help to end economic ...Building a better Britain: How cities like Bradford can help to end economic ...
Building a better Britain: How cities like Bradford can help to end economic ...
 
Medieval Iraq Demographic Factors Yale Historical Review
Medieval Iraq Demographic Factors Yale Historical ReviewMedieval Iraq Demographic Factors Yale Historical Review
Medieval Iraq Demographic Factors Yale Historical Review
 
Tennessee DOT- TEVI Plan coordination & EV
Tennessee DOT- TEVI Plan coordination & EVTennessee DOT- TEVI Plan coordination & EV
Tennessee DOT- TEVI Plan coordination & EV
 
WhenWomenTakeControl.pdf Yale Historical Review
WhenWomenTakeControl.pdf Yale Historical ReviewWhenWomenTakeControl.pdf Yale Historical Review
WhenWomenTakeControl.pdf Yale Historical Review
 
“Bee engaged with Youth”. World Bee Day 2024; May. 20th.
“Bee engaged with Youth”. World Bee Day 2024; May. 20th.“Bee engaged with Youth”. World Bee Day 2024; May. 20th.
“Bee engaged with Youth”. World Bee Day 2024; May. 20th.
 

An Overview of CBO’s Role in Assessing Climate Change

  • 1. Presentation to the Macroeconomic Group The Australian Treasury March 30, 2023 Joseph Kile Microeconomic Studies Division An Overview of CBO’s Role in Assessing Climate Change For more information about the host, see https://treasury.gov.au/.
  • 2. CBO was established to give the Congress a stronger role in budget matters. The agency provides analysis of budgetary and economic issues that is objective and impartial. It is strictly nonpartisan and does not make policy recommendations. CBO follows processes that are specified in statute or that it has developed in concert with the budget committees and Congressional leadership. CBO’s chief responsibility under the Budget Act is to help the budget committees with the matters under their jurisdiction. CBO’s Role
  • 3. See Congressional Budget Office, Budgetary Effects of Climate Change and of Potential Legislative Responses to It (April 2021), www.cbo.gov/publication/57019. Budgetary Effects of Climate Change and Efforts to Address It Climate change results in physical effects that reduce economic output. Potential consequences exist for revenues, mandatory spending, and discretionary spending. Adaptation and mitigation could reduce physical and budgetary effects.
  • 5. See Congressional Budget Office, Potential Increases in Hurricane Damage in the United States: Implications for the Federal Budget (June 2016), www.cbo.gov/publication/51518. Estimates of Hurricane Damage The cost of hurricane damage is expected to increase more than the economy will grow. Expected annual damage in 2016 was 0.16 percent of gross domestic product (GDP). Expected annual damage in 2075 is 0.22 percent of GDP.
  • 6. See Congressional Budget Office, The 2021 Long-Term Budget Outlook (March 2021), www.cbo.gov/publication/56977; and Evan Herrnstadt and Terry Dinan, CBO’s Projection of the Effect of Climate Change on U.S. Economic Output, Working Paper 2020-06 (Congressional Budget Office, September 2020), www.cbo.gov/publication/56505. How Climate Change Is Expected to Change the Level of Real Gross Domestic Product in 2050 Climate change will reduce the growth rate of real (inflation-adjusted) GDP from 2020 to 2050 by an average of 0.03 percentage points. That difference in annual growth accumulates to a 1.0 percent reduction in the projected level of real GDP in 2050. Climate change will have effects on people’s well- being that are not measured in GDP.
  • 7. Billions of 2020 Dollars Spending on Wildfire Suppression by the U.S. Forest Service and Department of the Interior 0 1 2 3 4 1985 1990 1995 2000 2005 2010 2015 2020 Five-Year Average Department of the Interior Agencies Forest Service See Congressional Budget Office, Wildfires (June 2022), www.cbo.gov/publication/57970. How Wildfires Affect the Federal Budget Wildfires affect the federal budget through spending on fire suppression, forest management, disaster assistance, and other activities. The 5-year moving average for federal spending on wildfire suppression has tripled in recent years. Climate change has created hotter and drier conditions that are conducive to longer and more severe wildfire seasons.
  • 8. Effects of Policies That Would Address Climate Change
  • 9. See Congressional Budget Office, “Impose a Tax on Emissions of Greenhouse Gases,” in Options for Reducing the Deficit, 2023 to 2032—Volume I: Larger Reductions (December 2022), www.cbo.gov/budget-options/58638. How a Tax on Greenhouse Gas Emissions Would Affect the Federal Budget
  • 10. See Congressional Budget Office, Emissions of Carbon Dioxide in the Electric Power Sector (December 2022), www.cbo.gov/publication/58419. Projected Carbon Dioxide Emissions From the Electric Power Sector Before and After the 2022 Reconciliation Act