As Climate Change Costs Mount, Biden Seeks To Price Damages

Economists say the costs of climate change are growing as global warming happens more quickly than expected and its impacts become better understood -- from crop losses due to drought, to lessened worker productivity because of the heat.

Wednesday, February 23rd 2022, 2:13 pm

By: Associated Press


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Economists say the costs of climate change are growing as global warming happens more quickly than expected and its impacts become better understood -- from crop losses due to drought, to lessened worker productivity because of the heat.

The Biden administration wants to put a price tag on those damages to justify its climate policies.

Republicans and business groups say the emphasis on future climate damages will hobble the economy, especially the energy industry.

A Louisiana federal judge has blocked the administration from using an interim cost estimate of $51 in damages per ton of greenhouse gas emitted.

Administration officials say that could delay dozens of pending rules and are appealing.

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