California's economy will not be damaged by the state's 2006 climate change law, a state agency said in a report on Wednesday that counters the business community's arguments that the economically troubled state will lose more jobs and businesses. The analysis by the state Air Resources Board, the chief regulator of the law, forecast higher energy prices from new regulations and a cap-and-trade system for greenhouse gases, but said greater energy efficiency would keep costs manageable in the trend-setting environmental state. It concluded that the measure will yield modest job gains statewide, will have a negligible effect on the state's overall economy -- the eighth largest in the world -- and could benefit some sectors like alternative energy businesses.

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