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Economy

Manufacturers' Report Says Global Warming Act Hurts Business

Manufacturers’ Report Says Global Warming Act Hurts Business
A report commissioned by the California Manufacturers and Technology Association suggests that the state's sweeping law to reduce greenhouse gas emissions - known as AB32 - will cost billions and drive jobs from the state.

A report commissioned by the California Manufacturers and Technology Association suggests that the state's sweeping law to reduce greenhouse gas emissions - known as AB32 - will cost billions and drive jobs from the state.

Association president Jack Stewart said the law will make energy costs exorbitant - and scare off new industrial investment.

"Because of high costs because of things like the uncertainty that AB32 throws on the economy - if the company's going to invest here - they're looking out ten to fifteen years and when they can't see what the costs are going to be, they're going to go to a state with more stable economic future," commented Stewart.

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The report points to high costs stemming from programs like the "cap and trade" where businesses will be charged for their emissions.

It estimates AB32 will cost the state a quarter of a million jobs over the next eight years. That's in contrast to a UC Berkeley report that finds the law will directly generate more than fifty-thousand green jobs by 2020.