A new analysis of the American Power Act of 2010, the climate bill introduced in Congress in mid-May, shows that the policy would create an estimated 440,000 new U.S. jobs by 2020 and save consumers $35 annually on their energy bills.
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The analysis, conducted by the San Francisco-based ClimateWorks Foundation using a tool created by consulting firm McKinsey & Co., also found that passage of the bill would maintain an annual growth rate of the U.S. gross domestic product of 2.3 percent through 2020 and reduce U.S. greenhouse gas emissions by 3.6 billion tons.
"The economic implications of this energy transition are complex, but the model points to investments in energy efficiency and new power sources as a primary stimulant of economic activity, particularly employment," according to the report.
The tool used in the report, the McKinsey & Company's Low Carbon Economics Tool, uses interlinked models to calculate the relative costs of different policy options.
The American Power Act was introduced by Sen. John Kerry (D-Mass.) and Sen. Joe Lieberman (I-Conn.)
