California stands to reap substantial economic benefits from implementing The Global Warming Solutions Act (AB 32), according to a soon-to-be-released study sponsored by Environmental Defense Fund (EDF). EDF economist and policy scientist, Dr. James Fine, will preview the findings of the report during his testimony today at the only public meeting by the California Air Resources Board (CARB) on its proposed implementation plan to meet AB 32's mandate to reduce California's greenhouse gas emissions by approximately 30 percent by 2020.
"As President-elect Barack Obama succinctly stated earlier this week, a strong climate policy such as AB 32 can help solve California's energy, economic and environmental challenges," testified Fine. "It is clear from the Air Resources Board's economic analysis and from several other studies at the state, regional and national level, that fighting global warming delivers economic benefits and creates well-paying green jobs. This economic stimulus is particularly critical as California battles high rates of unemployment and budget shortfalls."
The report sponsored by EDF was conducted by M.Cubed, a research firm specializing in resource economics and public policy analysis. It examines recent analyses CARB and other groups have conducted to assess the potential economic consequences associated with AB 32. The EDF/M.Cubed study finds that well-crafted policies are likely to result in employment growth and reinforce beneficial changes in California's economy that have already emerged from existing energy policies. Key findings of the study include:
- California is well positioned to lead the nation's transition to a clean energy economy because of actions taken during the past several decades.
- The adoption of similar efforts to reduce emissions by other states that are following California's lead
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