Paul Krugman: Cutting Back on Carbon

Next week the Environmental Protection Agency is expected to announce new rules designed to limit global warming. Although we don’t know the details yet, anti-environmental groups are already predicting vast costs and economic doom. Don’t believe them. Everything we know suggests that we can achieve large reductions in greenhouse gas emissions at little cost to the economy.

Just ask the United States Chamber of Commerce.

O.K., that’s not the message the Chamber of Commerce was trying to deliver in the report it put out Wednesday. It clearly meant to convey the impression that the E.P.A.’s new rules would wreak havoc. But if you focus on the report’s content rather than its rhetoric, you discover that despite the chamber’s best efforts to spin things — as I’ll explain later, the report almost surely overstates the real cost of climate protection — the numbers are remarkably small.