Jan 16 - Minimum Costs For Reducing Greenhouse Gases

A federal analysis of a national mandatory green house gas reduction bill shows that this goal could be reached with minimal costs to households and the economy. WasteNews.com reports.

The Energy Information Administration, part of the U.S. Energy Department, released its analysis Jan. 11 of a global warming bill proposed by Sen. Jeff Bingaman, D-N.M., the new chairman of the Senate Energy Committee. Bingaman's proposal is considered a more moderate approach than other climate change legislation that has been proposed in Congress.

"I am committed to developing bipartisan climate change legislation that can pass the Congress this year," Bingaman said. "Getting good analysis of draft legislation is the critical first step to understanding the impacts of global warming policy."

Among the EIA's conclusions about Bingaman's bill:

  • The legislation would reduce greenhouse gas emissions by 5 percent in 2015, increasing to 14 percent by 2030, compared to emissions without any legislation.
  • Electricity prices for consumers would increase by less than 11 percent by 2030.
  • The cost to the U.S. economy would be less than 0.1 percent of Gross Domestic Product through 2030.
  • Coal would continue to play a major role in electric generation, but increase by only 23 percent by 2030 as compared to 53 percent without the program.
  • Renewable energy generation would rise by 53 percent by 2020.

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