The American Power Act (APA), introduced in May 2010 and sponsored by Senator Kerry and Senator Lieberman, would establish a multi-sector cap-and-trade emissions reduction program, setting separate targets and requirements for each sector. A recent EPA analysis of the APA reveals benefits to the environment and the economy. The Environmental Protection Agency projects the APA would reduce Americans’ annual energy expenditures by 10 percent by 2020.
Recent work from the independent Peterson Institute (using a U.S. Energy Information Administration model) and ClimateWorks (using a McKinsey model) both show that the APA would lead to new jobs for American workers, creating an average of 203,000 to 440,000 more jobs per year between 2012 and 2020 than would exist without the bill. The Congressional Budget Office found that similar climate legislation would generate revenue for the federal government. A competing bill, the Practical Energy and Climate Plan, was introduced by Senator Lugar and Senator Graham last week. It focuses on weaker energy and climate policies, and excludes a cap-and-trade component.
See ARC’s Air Quality webpage for more details on greenhouse gas emissions in the Atlanta region.