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Carbon Caps Would Cost Iran $100 Million a Day

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.


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

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Written By

writes at CleanTechnica, CSP-Today and Renewable Energy World.  She has also been published at Wind Energy Update, Solar Plaza, Earthtechling PV-Insider , and GreenProphet, Ecoseed, NRDC OnEarth, MatterNetwork, Celsius, EnergyNow, and Scientific American. As a former serial entrepreneur in product design, Susan brings an innovator's perspective on inventing a carbon-constrained civilization: If necessity is the mother of invention, solving climate change is the mother of all necessities! As a lover of history and sci-fi, she enjoys chronicling the strange future we are creating in these interesting times.    Follow Susan on Twitter @dotcommodity.


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