💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Biden administration commits another $490 million to combat wildfire risk

Published 01/19/2023, 12:05 PM
Updated 01/19/2023, 01:56 PM
© Reuters. FILE PHOTO: The Mountain Fire burns near the town of Gazelle, California, U.S., September 2, 2022. REUTERS/Fred Greaves

(Reuters) - The administration of U.S. President Joe Biden announced on Thursday it would invest another $490 million to combat wildfire risk in the western United States, citing a growing threat of devastating blazes due to climate change.

The funding, authorized by last year's Inflation Reduction Act, comes after a 2022 that saw huge wildfires in North and South America, Europe, Australia and parts of Asia that scientists say are being driven by warmer, drier weather.

"It is no longer a matter of if a wildfire will threaten many western communities in these landscapes, it is a matter of when," said U.S. Agriculture Secretary Tom Vilsack. "The need to invest more and to move quickly is apparent. This is a crisis and President Biden is treating it as one."

The money would be used mainly to perform prescribed burns and remove dead wood and vegetation in forest in Arizona, California, Idaho, Nevada, Oregon, Utah and Washington, Vilsack said.

The administration last year unveiled a 10-year plan to treat and maintain millions of additional acres (hectares) of forests in the western United States to reduce the severity of seasonal blazes, with the first big tranche of funding - some $440 million – coming from the Infrastructure Act of 2021.

© Reuters. FILE PHOTO: The Mountain Fire burns near the town of Gazelle, California, U.S., September 2, 2022. REUTERS/Fred Greaves

The U.S. Forest Service, which is part of the Department of Agriculture, has historically treated up to 2 million acres (800,000 hectares) in the western United States annually.

Wildfires burned more than 7.5 million acres in the United States in 2022, according to U.S. government statistics, causing billions of dollars in damage.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.