For the first time in U.S. history, a nationwide fixed cap on carbon dioxide (CO2) emissions will be in place. ‘The American Clean Energy and Security Act calls for the U.S. to reduce its greenhouse-gas emissions by 17 percent from 2005 levels by 2020.’ Thus, all energy producers in the United States by 2020 should be sourcing at least 15 percent of their respective energy sources from wind, solar, or other renewable energy resource.

An ambitious goal but doable if funded with loads of political will. The skeptics still think that this legislation will have a serious impact on the country’s economy. There is also fear of the possibility that prices for gasoline and energy resources will rise, and that more than 2.5 million jobs will be threatened.

The White House thinks the opposite. For the Obama administration, the new law will, on the contrary, create millions of jobs through large investments in ‘green technologies.’

There are immediately concrete reactions from some industry sectors. For instance, the U.S. steel industry which is responsible for a large part of greenhouse gases in the country already has some of its companies issuing warnings that they will relocate their production abroad in such countries as Brazil.

The U.S. Climate Bill is projected to cost $22 billion a year by 2020. Additionally, the Congressional Budget Office estimated the measure would cost an average of $175 a year per household.

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Via Bloomberg/msnbc