A new Environmental Protection Agency analysis of leading climate change legislation shows that the U.S. economy can grow substantially with an ambitious cap on global warming pollution, given that the bill will continue to speed the development of advanced energy technologies.
"EPA's results for the scenario that most resembles the bill confirm what we have seen in every reputable analysis. We can grow our economy and tackle global warming at the same time," said Nathaniel Keohane, PhD, director of economic policy and analysis at Environmental Defense Fund. "The up-front costs EPA identifies are a sound investment for a strong economy down the road. For clean air, less imported oil, and avoiding the damage of climate change, they are a bargain."
According to EPA's analysis of the Lieberman-Warner Climate Security Act (S. 2191), economic modeling with confident high-technology assumptions shows the U.S. gross domestic product (GDP) growing 81 percent between 2010 and 2030 without a national emissions cap
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