FEDERALhearing transcript

Senate Budget Committee Hearing: Economic Risks of Climate Change to Coastal Communities

Original title: RISING SEAS, RISING COSTS: CLIMATE CHANGE AND THE ECONOMIC RISKS TO COASTAL COMMUNITIES

January 1, 2023

climate change coastal infrastructure federal budget real estate economics flood risk

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The Frame

What this does

This establishes the legislative record regarding how climate-related property damage and infrastructure threats may create future financial liabilities for the federal government and local taxpayers.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Coastal property owners

Property owners face potential changes in real estate value and insurance costs due to flood risks.

Federal government

The federal budget may be impacted by the need to fund infrastructure repairs and disaster relief in coastal areas.

Local municipal governments

Towns like Warren, Rhode Island, face challenges in managing infrastructure and tax bases threatened by rising sea levels.

What changed

Last recorded activity January 1, 2023.

What's next

Next step not available in the current record.

Summary

The Senate Budget Committee held a on March 1, 2023, to examine how climate change and rising sea levels impact the U.S. economy, federal budget, and coastal real estate. Experts and local officials discussed the financial risks posed to infrastructure and property values in coastal regions.

Key Facts

The U.S. has nearly 13,000 miles of coastline.
Approximately 40 percent of the U.S. population lives along the coast.
Over one trillion dollars in residential and commercial real estate is located in coastal areas.
Critical infrastructure including ports, coastal roads, and water treatment facilities are located in coastal zones.
In Warren, Rhode Island, some homes have experienced a one-third reduction in property value due to flood risks.
Sea level rise is projected to permanently flood portions of Warren, Rhode Island, within the next decade.
Zillow data from 2017 identified over 4,800 homes in Rhode Island at risk of flooding.
This was the second in a series of hearings conducted by the Senate Budget Committee regarding the impact of climate change on the federal budget.

Why It Matters

Frequently Asked Questions

What is the purpose of this hearing?

The was held to investigate the economic and budgetary risks that climate change and rising sea levels pose to coastal communities and federal infrastructure.

Who testified at the hearing?

Witnesses included Matthew Eby (First Street Foundation), Dr. Sean Becketti (Elliott Bay Analytics), Kate Michaud (Town Manager of Warren, RI), Dr. Jessica Weinkle (UNC Wilmington), and Dr. Marlo Lewis, Jr. (Competitive Enterprise Institute).

News Coverage

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Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Focus on Budgetary Impact

The committee is explicitly framing climate change as a fiscal and budgetary issue rather than solely an environmental one.

Committee on the Budget

Connected Entities

organizationFirst Street Foundation“Research organization focused on climate risk”Map →

personCharles E. Grassley“Ranking Member of the Senate Budget Committee”Map →

personSheldon Whitehouse“Chairman of the Senate Budget Committee”Map →

personMatthew Eby“CEO of First Street Foundation, witness”Map →

organizationCompetitive Enterprise Institute“Public policy organization”Map →

personKate Michaud“Town Manager of Warren, Rhode Island, witness”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance65
How much this matters to a regular citizen
Controversy40
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz20
Current news / social attention level

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