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In July of 1998, the Administration released the report, "The Kyoto Protocol and the President's Policies to Address Climate Change: Administration's Economic Analysis." The primary purpose of the analysis is to examine the costs and benefits of taking action to mitigate the threat of global warming. In particular, the report examines the costs and benefits of complying with the emissions reduction target for the United States set forth in the Kyoto Protocol on Climate Change, negotiated in December 1997. For reasons discussed at length in this report, it is the Administration's conclusion that, with the flexibility mechanisms included in the Kyoto Protocol, and by pursuing sound domestic policies, the United States could reach its Kyoto target at a relatively modest cost. Moreover, the benefits of mitigating climate change are likely to be substantial. The Kyoto Protocol and the President's Policies to Address Climate Change: Administration's Economic Analysis

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