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CBO: The Economic Effects of Legislation to Reduce Greenhouse-Gas Emissions

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The Economic Effects of Legislation to Reduce Greenhouse-Gas Emissions, September 2009

  • “U.S. emissions currently account for roughly 20 percent of global emissions. As a result, substantially reducing global emissions would probably entail large reductions in U.S. emissions as well as emissions in other countries. Achieving such reductions would probably involve transforming the U.S. economy from one that runs on CO2-emitting fossil fuels to one that increasingly relies on nuclear and renewable fuels, accomplishing substantial improvements in energy efficiency, or implementing the large-scale capture and storage of CO2 emissions…Climate legislation would cause permanent shifts in production and employment away from industries focused on the production of carbon-based energy and energy-intensive goods and services and toward the production of alternative energy sources and less-energy-intensive goods and services…”
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