Report: Senate Climate Legislation Good For Economy

In the first major study of how the Senate climate legislation would affect the economy, a non-partisan think tank indicated it would create new jobs and reduce American reliance on oil and coal while increasing usage of both nuclear and renewables.

1 minute read

May 23, 2010, 7:00 AM PDT

By Irvin Dawid


"Cap & Trade" has been labeled by opponents as a 'job killer', yet the Peterson study clearly shows that the American Power Act, introduced by Senators Kerry and Lieberman that uses this carbon-pricing strategy, would create jobs.

"The Peterson Institute for International Economics said in its 18-page report that the bill from Sens. John Kerry (D-Mass.) and Joe Lieberman (I-Conn.) creates the new jobs between 2011 and 2020 because of its mandatory limits on greenhouse gases, which will prompt $41.1 billion in investments per year as the nation shifts away from traditional fossil fuels like coal and oil and toward new nuclear power and renewables."

The bill would "prompt a significant reshuffle in U.S. energy supplies...For starters, fossil fuels would fall from 84 percent of the current U.S. energy supply down to 70 percent in 2030. By contrast, renewables and nuclear energy would soar by 2030 from their current 8 percent rates for U.S. energy consumption, to 14 percent and 16 percent, respectively."

"The Peterson Institute study marks the first comprehensive review of the Senate proposal since its release last week."

Thanks to Greenwire

Thursday, May 20, 2010 in Greenwire via The New York Times - Energy & Environment

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