Cutting CO2 emissions will hurt the US economy
A new study by a non-profit research group in the USA has said that it could cost the US between $400 billion and $1.8 trillion in reduced economic growth over the next 40 years if it makes a large cut in CO2 emissions, but If around $35 billion is spent on new technologies, this figure could be cut in half. With these kinds of figures it becomes much clearer why the US government is trying to avoid being tied in to any mandatory cuts in emissions. The figures by the Electric Power Research Institute (EPRI) are based on a cut of 50% of total US CO2 emissions from 2010 levels by 2050. At the moment, according to the US Energy Department, the US produces around 8 billion tonnes of CO2, which is projected to rise to 8 billion tonnes by 2030.
The EPRI, partly funded by the power industry, is suggesting smaller cuts in CO2 emissions that are easier and cheaper for the power industry to implement. Environmentalists have said that it could cost the US economy far more to do nothing about climate change and then having to deal with the environmental consequences, such as flooding and droughts. This really demonstrates the dilemma that governments are faced with. The cost to the economy of reducing CO2 emissions can be prohibitive, but the long term costs of ignoring climate change could be even worse.
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Posted by: Ian Houston | August 30, 2007 4:05 PM