Slow Down Climate Change with Minimal Offsets and Money in Your Pocket

Mon, 04/27/2009 - 3:58pm

A two-year study by the Union of Concerned Scientists (UCS), “Climate 2030: A National Blueprint for a Clean Energy Economy,” has found that the United States can dramatically cut global warming emissions and reduce consumer and business energy bills at the same time, all with a minimum amount of (rip-)offsets.

Among their key findings is that we can reach our targets with just 11% coming from offsets in 2030. This shines new light on the 2 billion offsets currently in the Waxman-Markey bill, namely that nowhere will we need that many offsets to achieve real reductions and return money to citizens.

Other key Blueprint findings include:

  1. Under the Blueprint, our nation meets a carbon cap of 26% below 2005 levels by 2020 and 56% below 2005 levels by 2030. We can achieve these missions cuts cost-effectively by implementing a comprehensive set of smart energy, transportation, and cap policies.
  2. We can achieve these deep cuts in carbon emissions while saving American consumers and businesses $465 billion annually in 2030. The Blueprint also builds $1.6 trillion in cumulative net savings between 2010 and 2030.
  3. We can both reduce emissions on that scale and expand our economy between now and 2030, while keeping jobs growing at the same rate as in the reference case.
  4. We can cut the use of oil and petroleum products by 6 million barrels a day in 2030 – as much oil as we currently import from OPEC and 30 percent of our nation’s current total daily oil consumption.
  5. We can save consumers money on their energy bills because of increased energy efficiency, even though electricity rates and gasoline prices go up slightly. That means families will see average household savings of $900 a year in 2030, while businesses will, all together, save nearly $130 billion a year. Households and businesses in every region in the nation - even coal-dependent regions - will see lower energy bills.
  6. The electricity sector contributes more than half of the emissions cuts in 2030. We can reduce power plant carbon emissions 84% below 2005 levels by 2030. The Blueprint policies will also cut mercury, acid rain, smog and soot pollution, improving air and water quality and saving lives.
  7. We can cut emissions from cars and trucks by 40% compared to their 2005 levels and freeze emissions from freight trucks at 2005 levels even as the economy undergoes significant growth.

UCS President Kevin Knobloch testified last week at the Waxman-Markey draft bill hearings, and his testimony has much more detailed information about the study, which will be released in May. Let's hope the study succeeds in dispelling the myth that we have to pay deeply for serious cuts in our CO2 emissions.