New economic impact study on California’s Global Warming Solutions Act finds that the average California family will end up paying an additional $2,500 annually by 2020.
In addition, the state is expected to lose an additional 262,000 jobs, 5.6 percent of the gross state product, and a whopping $7.4 billion through decreased annual state and local tax revenues as a result.
The California Manufacturers and Technology Association released a new report last week that suggests costs associated with AB 32 may be a lot higher than previously estimated. AB 32, otherwise known as the California Global Warming Solutions Act of 2006, was signed into law by Governor Arnold Schwarzenegger- propelling California to the forefront in the fight against global warming. Successful passage of the law effectively turned the state into one of the most stringent regulators of green house gas emissions in the nation and globally. Some would argue that the move all but eliminated California’s competitive edge in today’s market.