Damage to the economy is one justification often cited for opposing the curbing of carbon emissions and other environmental remediation measures; many industries are concerned that legislation and regulatory programs such as cap-and-trade initiatives and carbon taxes would stifle economic growth and profits. But One analysis, compiled by the Environmental Defense Fund, suggests that the truth may be quite the opposite. They find that reducing global carbon emissions will cost just 1 percent of our GDP in 2030, retarding our economic growth by only two to seven months.

EDF's report also finds that the pressure to innovate and find new energy sources will stimulate the economy through the creation of so-called green collar jobs, which will help to offset the minimal projected job losses in the manufacturing sector. Household energy costs are projected to rise, but EDF suggests that the rise will be small enough that programs could be put in place to assist low-income households with energy costs.

Now, we here at EnviroWonk are not really the greatest fans of cap-and-trade scenarios, as they tend to be ineffective unless structured just right. However, it's the most likely response to climate change by the international and national community; Obama and Clinton both propose carbon markets as the mainstay of their climate change platforms. This report may allay some fears that global warming mitigation will be too expensive, and may mitigate resistance by lobbyists and pro-business politicians. (Maybe. When it comes to politicians, all bets are off.)

The report concludes, however, with a caveat: that the costs they calculate will quickly become unmanageable if mitigation is delayed. In other words, policymakers, finish your business or get off the pot, before it becomes too difficult to do either.