How climate change policy could shrink the federal budget surplus and stifle US economic growth

The Kyoto Protocol to the United Nations Framework Convention on Climate Change, which the US negotiated in December 1997, calls for industrial economies such as the US, Canada, Europe, and Japan (called Annex I or Annex B countries) to reduce their collective emissions of six greenhouse gases by an average of 5.2% from 1990 levels by 2008-12.The US target is a 7% reduction from 1990 levels; this amounts to a projected 550 million tonne cutback in CO2 emissions relative to the projected amount in 2010. US Department of Energy estimates show that US emissions will be 40% above the Kyoto target by 2010. Many experts believe that the Kyoto Protocol (or "backdoor" implementation of the agreem...

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