Climate change spending won't slow any time soon, says Larry Bell, a professor at the University of Houston.
Indeed, there are several indications of substantial spending increases on climate change:
- ·According to the Government Accountability Office, annual federal climate spending has increased from $4.6 billion in 2003 to $8.8 billion in 2010, amounting to $106.7 billion over that period.
- ·Technology spending, the largest category, grew from $2.56 billion to $5.5 billion over this period.
- ·An addition $79 billion was spent for climate change technology research, foreign aid and tax breaks for "green energy."
- ·Subsidies intended to encourage greenhouse gas emission reductions accounted for $7.2 billion in federal revenue losses during 2010 alone.