OMB Director: Climate Denial to Cost US Billions of Dollars
Donovan noted a recent report from the president's Council of Economic Advisers (CEA) that showed delaying international policy action to mitigate climate change could impose extra costs on the global economy. The report said the cost could climb by about 0.9% of global output per year if countries miss a target of limiting global warming to 2 degrees Celsius above preindustrial levels and stabilize global temperature rise at 3 degrees Celsius instead. For the 2014 US GDP, that would mean an additional cost of $150 billion. “Inaction on climate change is simply not an option for this president — and it is not an option for me,” Donovan said.