Misguided Climate Change Policies Would Negatively Impact Missouri's Economy Says U.S. Chamber

COLUMBIA, MO—The U.S. Chamber of Commerce and a group of national and state partners today held a discussion to draw attention to the economic implications future climate change policies could have on the residents of Missouri.

"President Obama recently asked Congress for a "cap and trade" bill that could cost trillions of dollars," said William Kovacs, the Chamber's vice president of Environment, Technology and Regulatory Affairs. "Such a system could disproportionately affect Midwestern states like Missouri, which is one of the nation's leading states for manufacturing and relies on coal to supply roughly 80% of its electricity."

According to an economic study by the American Council of Capital Formation of last year's failed Lieberman-Warner Climate Security Act, an economy wide cap-and-trade bill and the Senate's main climate change vehicle in 2008, Missouri would have lost up to 76,118 jobs and $11.8 billion dollars in gross state product by 2030. The study also found the price of gasoline would have increased up to 140%, while electricity prices would have increased by 124% to 153% if the bill had been signed into law. Today's dialogue featured business leaders, government representatives, and policy and economic experts, and dealt with issues ranging from the costs of future legislation to industry's voluntary efforts to reduce emissions and increase energy efficiency.

This is one of many climate change dialogues the U.S. Chamber and its partners have held to stress that environmental issues – including global climate change – must be answered with commonsense solutions that harness technologies, promote economic growth, and achieve environmental benefits. Last year, dialogues were held in New Hampshire, Montana, North Dakota, Ohio, Alaska, Tennessee, Nevada and Virginia. The U.S. Chamber co-hosted today's event with the Alliance for Energy and Economic Growth, the National Association of Manufacturers, and the Missouri Chamber of Commerce and Industry.

"We need to make sure the cost of any new climate change legislation is not burdensome to Missouri families, workers, and businesses," continued Kovacs. "Businesses and residents of this state deserve to have their voices heard."

The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

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