(DCNF)—The Biden administration relied on questionable and misleading scientific material to support its decision to pause new approvals of liquefied natural gas (LNG) export terminals.
In January, the Biden administration imposed a moratorium on approving new LNG export terminals so that the Department of Energy (DOE) can expand its reviews to include facilities’ climate impacts, a move celebrated by climate activists and slammed by industry groups and elected Republicans alike. In written testimony to Congress earlier in February defending the policy, Deputy Secretary of Energy David Turk pointed to billion-dollar disasters (BDDs) as a proxy for the intensity of climate change, and he also cited projections based on a de facto “worst-case” emissions scenario that critics have derided for failing to accurately project emissions in the present, let alone the future; both statistics are misleading and questionable.
Turk’s testimony states that “our understanding of the economic and human impacts from climate change has only sharpened” since 2019, when the agency last published its estimates for the full lifecycle greenhouse gas impacts associated with American LNG exports.
Turk leads off by comparing the number of BDD events recorded in 2019 and 2023, observing that 2019 saw 14 natural disasters that caused damages in excess of $1 billion while there were 28 such instances in 2023. These statistics are sourced from the National Oceanic and Atmospheric Administration (NOAA).
However, using BDD events as a proxy for meteorological conditions is misleading for several reasons. Primarily, this is because population and asset density has increased in coastal areas susceptible to natural disasters. The increased loss potential in coastal areas means that the same exact hurricane in the same exact place may not have caused $1 billion in damages in 1980 as it might inflict today.
NOAA acknowledges as much, having previously told the DCNF that “the number and cost of disasters are increasing over time due to a combination of three things: increased exposure (i.e., values at risk of possible loss), increased vulnerability (i.e., where we build; how we build) and climate change that is increasing the frequency of some types of extremes that lead to billion–dollar disasters.”
Put another way, there are several factors that influence the frequency of BDD events other than meteorological conditions and things that are related to climate change. Notably, NOAA does not express natural disaster costs in terms of American gross domestic product (GDP). Roger Pielke Jr. — an academic who writes extensively about politicized science and considers climate change to be a real and serious threat — has conducted his own analysis and found that “North American catastrophe losses as a proportion of U.S. GDP clearly show no upwards trend” over time.
“There is no peer reviewed science that attributes any part of increasing disaster losses to changes in climate,” Pielke previously told the DCNF. “To see evidence of changes in climate, look at climate data, not economic data.”
In addition to the BDD statistics, Turk asserts that climate change could result in an annual loss of $2 trillion in federal government revenues by the year 2100, citing analysis conducted by the Office of Management and Budget (OMB).
However, the OMB analysis relies on de facto “worst-case-scenario” projections that appear to be predicated on the Representative Concentration Pathway 8.5 (RCP8.5) scenario. RCP8.5 is essentially the term used by climate scientists to describe a situation in which the world continues to use fossil fuels and produce emissions without adjusting course.
The OMB analysis that Turk cites states that the $2 trillion hit to annual revenues could occur “under a scenario in which climate change reduced U.S. GDP by 10.0 percent compared to a no-further-warming counterfactual, as projected by the Network for Greening the Financial System as the tail risk under current policies.” The Network for Greening the Financial System’s analysis on various climate change scenarios, which the OMB’s analysis cites, was funded by grants from Bloomberg Philanthropies and the ClimateWorks Foundation, two left-of-center charitable foundations that focus their work on climate change-related initiatives.
The RCP8.5 scenario estimates American GDP loss by 2100 to be 10.52%, according to the International Monetary Fund, putting it on par with the assumptions made by OMB to qualify its claim — cited by Turk in his testimony defending the LNG export terminal approvals pause — that climate change could force a $2 trillion reduction in annual federal revenues by 2100.
However, the RCP8.5 model has serious flaws.
For example, a 2020 paper by two climate scientists published in Nature found that RCP8.5 should not be treated as a reference or baseline case for potential outcomes related to climate change, in part because global carbon dioxide emissions are lower than the levels projected by RCP8.5. The paper argues that the bifurcation between reality and RCP8.5 projections will only intensify over time, referencing the International Energy Agency’s (IEA) 2019 projections for emissions assuming continuity of current energy policy to make this point.
“RCP8.5 projects to 2100 a six-fold growth in global coal consumption per capita, while the International Energy Agency and other energy forecasting groups collectively agree that coal consumption has already or will soon peak. Also, RCP8.5 foresees carbon dioxide emissions growing rapidly to at least the year 2300 when Earth reaches more than 2,000 [parts per million] of atmospheric carbon dioxide concentrations,” Pielke wrote in a 2021 analysis that he coauthored with Justin Ritchie, a postdoctoral research fellow at the University of British Columbia’s Institute for Resources, Environment and Sustainability. “But again, according to the IEA and other groups, fossil energy emissions have likely plateaued, and it is plausible to achieve net-zero emissions before the end of the century, if not much sooner. Today, projections that carbon dioxide emissions from fossil fuels will increase dramatically for the next 50, 100, or 300 years are simply implausible.”
Setting aside the credibility of the statistics Turk cited in his testimony, energy sector experts previously told the Daily Caller News Foundation that the decision will fail to reduce global emissions while also empowering foreign production in places like Russia and Qatar. Would-be importers of American LNG will not scrap longer-term plans to import because the Biden administration has altered timelines for new export capacity, so they will lean on Russian and Qatari LNG that is not produced as cleanly as American gas to plug the gap, the experts told the DCNF.
The Department of Energy and the White House did not respond immediately to requests for comment.
What do you think? Sound off about this article on The Liberty Daily Substack.
All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact [email protected].
Why the National Debt Is the Looming Threat to Your Retirement Plans
The Hidden Crisis No One Is Talking About
Every day, headlines warn about inflation, market volatility, and global instability—but the greatest looming threat to your retirement might be something far more fundamental: America’s skyrocketing national debt.
You can learn more about how the national debt affects you by reading this 3-minute report titled, “Debt Will Hit $40T in 2026: Prepare Your Retirement Now“.
With debt growing faster than most Americans can possibly fathom, the government’s borrowing habits have reached historic—and dangerous—levels. To cover spending, Washington is making moves with their budget packages, tariffs, and taxes. Is it enough? No. It’s not even close to what would be necessary to stop out-of-control debt, let alone reverse it.
How Debt Erodes Your Nest Egg
There are only so many levers government and the Federal Reserve can pull to try to protect Americans, assuming that’s even a top priority for them. Unfortunately, pulling one level to relive one pressure invariably adds pressure from another direction. This is why prices keep going up even as inflation reportedly slows.
For retirees and pre-retirees, that’s a perfect storm. The dollars you’ve worked hard to save lose value, and your cost of living increases while your investments lag behind.
If you’re relying solely on paper-based assets—stocks, bonds, or mutual funds—you’re essentially tied to the same system that’s creating the problem. It’s a system that was designed to work well in the 20th century, not in today’s world with people living longer and the dollar rapidly losing value.
This is why the 3-minute report, “Debt Will Hit $40T in 2026: Prepare Your Retirement Now,” is so important.
The Precious Metals Hedge
Thousands of Americans are looking for a tangible, time-tested hedge: physical gold and silver.
Unlike paper assets, precious metals aren’t dependent on government policy or the stock market’s mood swings. They’re real, finite resources that have maintained value for thousands of years through wars, recessions, and inflationary periods.
In fact, during times of high inflation and fiscal instability, gold often performs its best—because it’s seen as a store of value when faith in the dollar weakens. This is why prices have skyrocketed this year and are expected by many economists to continue going up in the future.
Take Control with a Gold IRA
One of the most effective ways to protect your retirement from national debt fallout is through a self-directed Gold IRA. This IRS-approved account lets you hold physical gold and silver within your retirement portfolio, giving you:
- Direct ownership of your assets
- A hedge against inflation and dollar decline
- The control to diversify beyond Wall Street
Augusta Precious Metals specializes in helping Americans just like you take this step with confidence. The company has earned a strong reputation for transparency, education, and personalized service—making it one of the most trusted names in the industry.
The Next Step: Secure Your Financial Future
Augusta Precious Metals has helped thousands of Americans with at least $50,000 to invest from their IRAs, 401(K)s, TSPs, and other retirement accounts safeguard their savings through precious metals.
If you’re concerned about what the rising national debt could mean for your future, now is the time to act.
Read this 3-minute report titled, “Debt Will Hit $40T in 2026: Prepare Your Retirement Now“ and learn the simple steps you can take to protect your retirement.


