Impact of business policies on emissions reduction examined by Business Roundtable
Economic modeling study identifies policies that boost reductions in greenhouse gas emissions while minimizing financial consequences.
Business Roundtable, an association of chief executive officers of leading U.S. companies, has released an economic modeling study that it claims has the potential to deliver approximately twice the greenhouse gas (GHG) reductions at roughly half the economic cost of emissions-limiting legislation . According to the group, its study, “The Balancing Act: Climate Change, Energy Security & the U.S. Economy,” is part of a collaborative effort among member CEOs to develop technology-based policies that can reduce emissions, accelerate economic growth, and enhance energy security over the coming decades. The inputs for the study were developed by teams of company engineers, economists, and public policy experts.
The study modeled the extent to which three core strategies can enhance the efficiency of a carbon pricing mechanism:
• Increased use of domestic resources to produce low-cost, low-carbon electricity;
• More efficient utilization of electricity and heating fuels in homes and businesses; and
• Modernization of the transportation fleet and diversification of the transportation fuel mix.
Six "technology pathways" critical to implementing these strategies were also identified:
- • Building efficiency improvements;
• Renewable power generation;
• Advanced nuclear power generation;
• Carbon capture and storage;
• Advanced vehicle technologies; and
- • Advanced biofuels.
The study also highlighted two enabling pathways central to realizing the full potential of the technology portfolio: electric grid modernization and increased domestic supplies of oil and natural gas.
"Imposing a price on carbon will not be cost-free or easy; it will require an extensive transformation in the way our nation consumes and produces energy. However, our study clearly shows that these costs can be mitigated by combining policy leadership with aggressive energy technology investments to reduce GHGs and drive economic growth, potentially saving our economy up to $1.9 trillion over the next 40 years," said John Castellani, president of Business Roundtable.
Click here to view the report.
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Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
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