Bold action to combat climate change is consistent with strong U.S. economic growth, according to an analysis released on April 30th by the federal Energy Information Administration. The Agency estimates there would be minimal change in long-term economic growth under the Lieberman Warner Climate Security Act, when compared to business-as-usual.
"This study makes crystal clear that we can address climate change and have robust economic growth at the same time. Anyone claiming the Lieberman-Warner bill will bring economic doom can now go sit with those still saying climate change is a hoax," said Steve Cochran, director of Environmental Defense Fund's Climate Campaign. "It's time for the Can't-Do crowd to retire the scare tactics."
The EIA analysis did not include the cost of failing to solve climate change, including rising insurance rates, public spending to fix costal infrastructure, agricultural damage from droughts, substantial public health costs, increased international instability, and more intense hurricanes and storms.
"This analysis by the federal government should settle this question because it reinforces what we've learned from other credible studies. In a twenty year economic forecast, a difference of less than one percent is nearly non-existent," said Cochran. "It's like two cars driving different routes from New York to L.A. and predicting one will get there at noon on the third day and the other will arrive at 12:45."
"For a small investment, the nation would avert the worst impacts of climate change, create clean energy jobs, reduce pollution, and tackle global warming," Cochran said.
A recent analysis by Environmental Defense Fund economists, reviewing data from a range or academic studies, showed the same minimal impact on economic activity under a strong climate policy. More information can be found at www.edf.org/climatecosts.
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