If you are starting with an uninsulated wall, ceiling or floor, it is important to make a good estimate of the current R value. See this helpful R value help page. This calculator is providing an estimate and should be considered a guide for potential savings as opposed to a guarantee of savings.
Greenhouse gas emissions are high for electricity because the electricity is assumed to be generated in a coal fired power plant. Coal plants are only about 30% efficient, and coal is a very high Carbon fuel. About 50% of the power generated in the US is from coal fired power plants -- these coal plants account for about 80% of all US electric power generation CO2 emissions.
The Department of Energy insulation calculator can help you determine the amount of insulation you need for your home.
It is available on-line at : http://www.ornl.gov/~roofs/Zip/ZipHome.html.