Thursday, February 14, 2013

US Government Accounting Office - Climate Change Poses Big Financial Risks to Federal Government

The non-partisan, Government Accounting Office, has added climate change to its list of major threats facing the U.S. federal government.

"GAO added this area because 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 agency said in a statement.

For the first time, the non-partisan congressional watchdog added fiscal exposure from climate change to its "High Risk List" of measures the federal government needs to fix.

"Climate change is a complex, crosscutting issue that poses risks to many environmental and economic systems — including agriculture, infrastructure, ecosystems, and human health — and presents a significant financial risk to the federal government," the agency said.
The government owns extensive infrastructure, including military bases; insures property through the National Flood Insurance Program; and provides aid to victims of natural disasters, making it especially vulnerable to the impact of climate change, GAO said .

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