Carbon Caps Would Cost Iran $100 Million a Day
Support CleanTechnica's work through a Substack subscription, on Patreon, or on Stripe. Help us produce all of the high-quality, original content we publish week after week despite the challenges of content-scraping AI, antisocial media, inflation, and other hurdles.
Placing a strong cap on greenhouse gas emissions in the US alone would cost Iran $1.8 trillion worth of oil revenues over the next forty years. Every day from now till 2050 – Iran would lose another $100 million.
[social_buttons]
Using an MIT analysis of the effects of a carbon cap that reduces global warming pollution; WonkRoom has estimated that Iran stands the most to lose from climate and energy legislation pending in the US Senate.
Oil production is worth $120 billion a year to Iran. It holds the world’s second largest oil and gas reserves after Saudi Arabia.
However, the MIT analysis that WonkRoom looked at is of the older 2007 version of the original 2007 bill, in which emissions cuts are more ambitious than now. The 2007 version of the current climate and energy legislation met the Union of Concerned Scientists requirements to cut emissions 80% by 2050 relative to 1990 levels.
Current legislation only aims on cuts relative to 2005 levels, and even that bill (CEJAPA) was boycotted by all seven Republicans on the committee, thinking that that would invalidate it. It passed out of committee with the Democrats voting eleven Yeas to one Nay. (Baucus (D-MT) was the Nay vote, in his first vote against renewable energy.)
As a result, the carbon caps the Senate is considering this year are looser than in 2007, with that more recent baseline. So let’s see Fox call for Senators to Step it Up!
Source: WonkRoom
Image: Flikr user foramenglow
Sign up for CleanTechnica's Weekly Substack for Zach and Scott's in-depth analyses and high level summaries, sign up for our daily newsletter, and follow us on Google News!
Have a tip for CleanTechnica? Want to advertise? Want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Sign up for our daily newsletter for 15 new cleantech stories a day. Or sign up for our weekly one on top stories of the week if daily is too frequent.
CleanTechnica uses affiliate links. See our policy here.
CleanTechnica's Comment Policy
