A new study released by the Natural Resources Defense Council and Tufts University warns that if the United States fails to reduce greenhouse gas emissions drastically and quickly, the nation might have to spend $3.8 trillion annually due to the effects of climate change.

The Austin American-Statesmen reports the multi-trillion dollar price tag that comes with inaction would be due to “higher energy and water costs, real estate losses from hurricanes, rising sea levels and other problems.” The study assumes that with climate change would come a greater number of hurricanes, and “Losses from Atlantic and Gulf Coast hurricanes would result in $422 billion in economic losses annually.”

This report is being released as business lobbies are warning of the economic dangers of a carbon cap and trade bill that will be debated by Congress next month.

The bill, written last year and being sponsored by Senators Joe Lieberman (remember when he was a Democrat?) and John Warner, would mandate a cap and trade system that would target emissions to be cut by 4 percent by 2012, and 71 percent by 2050. Industry, which is my code word for big business, claims the bill would be disastrous for the economy and

would reduce the nation’s economic output by as much as $669 billion annually and result in up to 4 million job losses. Other studies by government and business groups predict that such legislation would cost U.S. businesses and consumers anywhere from $444 billion to $4.8 trillion by the year 2030.

That cost, the US Energy Information Administration predicts, could be passed on to consumers, which might raise home energy bills anywhere from $30 to $723 a year.

Sigh. Because nothing in government is ever simple.

Read the rest of the article here. by going to the National Resources Defense Council’s website, and to learn more about the bill that will be debated by Congress. And, as per usual, and tell your Senator/Representative your thoughts on the bill. Cause that’s how democracy works. Kind of.