Smoke rises as the southeast flank of the Cocos fire bears down on houses near Del Dios Highway on May 15, 2014 near San Marcos, California.
Photo by David McNew/Getty

New climate change rules could add trillions to US GDP

Updated

President Barack Obama’s new guidelines to reduce carbon emissions could add more than $1.3 trillion to American gross domestic product (GDP) over the next several decades.

The U.S. Environmental Protection Agency earlier this month unveiled a proposal that would cut power plant emissions by 30% before 2030, msnbc previously reported. The proposed rule, if implemented, could be the most ambitious environmental initiative in the nation’s history.

Industrial manufacturers will be able to monetize carbon dioxide through a carbon sequestration technology, which converts waste carbon dioxide into chemicals, fuels, animal feed, and flavors and fragrances, according to USA TodayThe rules could save the future of coal power plants at Duke Energy, and boost margins for industrial manufacturers for oil refiner BP and car manufacturer Ford Motor.

The guidelines could also reduce the country’s total carbon dioxide emissions by 52% within a couple of decades.

The White House released a report last month that aimed to quantify and illustrate the significant impact climate change has had and will have on the country, ranging at the catastrophic level from rising sea levels to the devastating effects of growth in allergies.

The document also highlighted various solutions the country can take to reduce human effect on global warming and adapt to the changing climate.

The Obama administration has made clear over the past several months that the president wants to implement plans to halt climate change during his second term.

Barack Obama, Climate Change and EPA

New climate change rules could add trillions to US GDP

Updated