EPA Greenhouse Regulations Could Cost $50 Billion Annually
May 30, 2014
A new study from the U.S. Chamber of Commerce warns that the Obama administration's proposal to implement new limits on power plant emissions of greenhouse gases through Environmental Protection Agency (EPA) regulations could cost $50 billion annually through 2030, reports The Hill.
The study comes ahead of the draft regulations that are the centerpiece of the president's climate change initiative. Approximately 40 percent of America's energy production comes from coal, an industry that is a major employer several states, including West Virginia, Kentucky, Wyoming and Pennsylvania.
The EPA regulations would cut down on carbon emissions from power plants. But according to the Chamber of Commerce:
- Such regulations could reduce coal-fired energy capabilities by one-third nationally and could cost as many as 224,000 jobs annually through 2030.
- Consumers would pay an additional $289 billion for electricity and see their disposable incomes decline by $586 billion.
- While carbon emissions are expected to increase by a third globally over the same time period, the new EPA regulations would reduce national emissions by just 1.8 percent.
Meanwhile, EPA officials have strongly criticized the Chamber's analysis, saying that its estimates are speculative.
Vastly different results are expected from a forthcoming study by the Natural Resources Defense Council.
Source: Benjamin Goad, "Chamber: Costs of EPA Climate Rule Could Top $50 Billion a Year," The Hill, May 28, 2014.
Browse more articles on Environment Issues