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MIT Analysis Shows McCain-Lieberman Bill Could Be Cost Effective First Step for US Policy on Warming

* Please note this statement has been modified to reflect updates MIT made June 11, 2003 to their analysis after originally posting it on June 9, 2003. MIT's adjustments slightly increased the expected welfare loss by .02 of one percent. Statement by Katherine Silverthorne - U.S. Director, Climate Change Program, World Wildlife Fund

WASHINGTON - "A new economic analysis by MIT shows that the McCain-Lieberman Climate Stewardship Act could be a highly cost-effective measure to address global warming. According to the analysis, during a period when median household incomes are expected to rise from $40,000 to $61,000 per year, the annual price of implementing the bill could cost a household as little as $100 per year-less than the price a family of four might pay for a day at Disneyland.

"In fact, WWF's work with Fortune 500 companies shows that many companies are making more significant cuts than those required by this bill and are even realizing net savings.

"It's time for the opponents of climate solutions to stop hiding behind inflated economic projections. Saving wildlife and wild places from global warming requires political leaders to step forward and address the problem."