A new study from NYU Law School’s Institute for Policy Integrity has found that full implementation of the American Clean Energy and Security Act (Waxman-Markey) would cost the US much less than doing nothing. The researchers found that putting the Waxman-Markey in place could save economies worldwide about $1,500,000,000,000 US by 2050 by averting what the study calls “the social cost of carbon” — that is, rising sea levels, displaced people, changing weather patterns, and food and fuel shortages expected as a result of climate change. The Other Side of the Coin: The Economic Benefits of Climate Legislation was based on the bill that passed the US House of Representatives in June –and will be before the US Senat e shortly — which calls for a 17% cut in US GHG emissions by 2020, and an 80% reduction by 2050.

Contact: Jason Schwartz, Fellow, Institute for Policy Integrity, New York University School of Law, (212) 992-8932, www.policyintegrity.org.