Washington, DC (August 1, 2007)- The Environmental Protection Agency (EPA) has found that a proposal by Senators Joseph Lieberman (I-CT) and John McCain (R-AZ) to cap U.S. greenhouse gas emissions would reduce US GDP by no more than 1.6 percent by 2030. The proposed legislation, the Climate Stewardship and Innovation Act of 2007 (S.280), aims to cut CO2 emissions to 35 percent of 1990 levels by 2050.
On June 27, both Senators announced that they would introduce a new bipartisan, economy-wide, cap-and-trade climate bill based on the CSIA by early August. “While no economic model predicts the future perfectly, EPA’s projections are informative and useful,” Lieberman said. “Senator Warner and I will use this analysis as we put together new bipartisan legislation designed to attract majority support on our global warming subcommittee.”
“As the results of this EPA analysis demonstrate, the Climate Stewardship and Innovation Act provides a valuable roadmap for finding a sound solution to the most difficult environmental challenge of our time,” McCain said. “Our legislation would not only address the environmental concerns of climate change, but would also serve as a stimulus for new technology development and deployment.” The EPA analysis showed that the CISA, if enacted this year, could hold the concentration of GHG’s in the atmosphere below 500 parts per million. This concentration was cited by the UN Intergovernmental Panel on Climate Change as needed to avoid a high risk of catastrophic global warming.