While the California Chamber of Commerce has targeted the Global Warming Solutions Act as a "job killer", predicting higher gas and electricity prices, a new report from UC Berkeley concludes that the legislation could boost the state's economy.
"A new University of California, Berkeley, report to be delivered to state legislators today (Wednesday, Aug. 16) finds that returning California greenhouse gas emissions to 1990 levels by 2020, as envisioned by pending global warming legislation, can boost the annual Gross State Product (GSP) by $60 billion and create 17,000 new jobs by 2020.
The report, "Economic Growth and Greenhouse Gas Mitigation in California," offers an independent assessment of the economic benefits of Assembly Bill 32 (AB 32), The Global Warming Solutions Act, sponsored by Assemblyman Fabian Nuñez (D-Los Angeles) and Assemblywoman Fran Pavley (D-Agoura Hills)."
"The new analysis follows up on a January study that concluded that achieving half of the 2020 targets would promote economic growth in California. The new study extends its scope to meet the 2020 targets and reinforces the earlier conclusion about economic benefits."
"Both studies use the Berkeley Energy and Resources (BEAR) model, a state-of-the-art, economy-wide forecasting tool, to trace the complex market interactions of a greenhouse gas emissions cap across key elements of the California economy."
The full report and economists' letter are both available for viewing at: http://calclimate.berkeley.edu.
FULL STORY: Global warming cap can stimulate CA economy, report says
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