The Natural Gas Council (NGC), representing every segment of the U.S. natural gas industry, released today the results of a comprehensive study analyzing S. 280, the Climate Stewardship and Innovation Act of 2007, introduced by Senators Joseph Lieberman (D-CT) and John McCain (R-AZ) that seeks to reduce greenhouse gas (GHG) emissions by 30% below the “business as usual” scenario by 2020 and 60 to 80 percent reductions from current levels by 2050. The NGC study builds on the recently issued report by the U.S. Energy Information Administration (EIA) regarding the projected impacts of the proposed McCain-Lieberman GHG legislation (S. 280) on the U.S. economy.
The NGC engaged in this exercise to ensure that any GHG legislation that ultimately may be enacted is sufficiently flexible to address the environmental, economic and energy security implications of a range of possible outcomes if the energy economy must adjust to mandatory carbon constraints. This project is designed to assist Congress in this effort. While the NGC study focused on S. 280, the findings and lessons learned are applicable to other climate change proposals that have been introduced or may be introduced.