An analysis released by the Energy Information Administration (EIA) concludes: mandatory steps to reduce greenhouse gas emissions can be achieved at very low cost to American households and without harming the U.S. economy.
According to EIA, proposed climate legislation by Senator Bingaman would have the following impacts:
O A meaningful start towards reducing emissions. Compared to projected emissions without the program, emissions are lowered by 5% in 2015, 11% in 2025, and 14% by 2030.
O Economic effects that are almost non-detectable. Costs to the U.S. economy would total 0.1% of GDP through 2030. Cumulative GDP is projected to double from 2006 to 2030.
O No substantial increase in electricity prices. Electricity prices would rise by less than 11% by 2030.
O A continued vital role, but reduced role for coal in the energy mix. Coal use would grow by 23% by 2030 compared to 53% without the program.
O No substantial shift to natural gas in generation. Natural gas demand is projected to increase by a mere 1% by 2030.
O A meaningful boost for renewable energy. Non-hydro renewable electricity generation would rise by 53% by 2030.
EIA, created by Congress in 1977, is a statistical agency of the U.S. Department of Energy. Its mission is to provide policy-neutral data, forecasts and analyses to promote sound policymaking, efficient markets and public understanding regarding energy and its interaction with the economy and the environment.
A bipartisan group of six Senators – Bingaman, Arlen Specter, Mary Landrieu, Lisa Murkowski, Ken Salazar and Dick Lugar asked the agency to analyze the proposal.
Sen. Bingaman: “I am committed to developing bipartisan climate change legislation that can pass the Congress this year. Getting good analysis of draft legislation is the critical first step to understanding the impacts of global warming policy. I plan to hold a hearing to review the results of this analysis.”
Read the report:
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