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2. Reform Electricity Permitting.
In 2021, the interconnection queue — a database of power generation and transmission projects requesting grid connection — held 1,400 gigawatts of generation and storage projects, 90 percent of which were renewable energy projects. On average, however, new grid capacity projects take four years to be approved.
But with regulatory changes, we can move clean energy projects through the pipeline more quickly. Improving coordination across state lines and between state and federal agencies while prioritizing projects with robust financial backing would reduce the time it takes for a project to move from application to breaking ground.
Energy storage projects often face additional delays from out-of-date zoning ordinances. Business leaders can lend a strong voice and perspective to updating regulatory review processes.
3. Reform Agriculture Policy.
Agriculture is both greatly impacted by drastic weather changes driven by global warming and a significant contributor to climate change, accounting for 25 percent of global greenhouse gas (GHG) emissions.
From indoor vertical farms and genetic crop breeding to drones and lab-grown meat, there is significant technological innovation already happening in this sector.
But targeted public and private investment can help rapidly scale these new technologies while simultaneously halting further deforestation of critical carbon sinks, valuable for absorbing more carbon than they release.
Perhaps the biggest influencer in this sector is the consumer. Shifting purchasing and eating habits will ultimately determine the speed in which we decarbonize this sector.
4. Promote a Circular Economy.
Plastic waste captures headlines around the world. What is often missing from these stories is recognition of the climate impact of carbon-dioxide-emitting plastic manufacturing. Recycling has been in play for decades, but absent customer demand for goods made with recycled materials, we’re still left with mounds of plastic.
The answer could be creating a circular economy, which is a win-win for material waste and climate change. Simply put, if you design a product with recycling in mind and use materials from the old to create the new, you can both eliminate waste and reduce manufacturing emissions, thus closing the loop.
A change in consumer behavior combined with changes in the retail business model can help make circularity commonplace.
5. Establish a Price on Carbon.
Carbon pricing has been debated for decades. In recent years, we have seen widespread adoption of carbon reduction policies around the world. In 2022, more than 70 carbon pricing initiatives were in-play, impacting potentially 23 percent of global GHG emissions.
Yet in the U.S., proposals for carbon pricing continue to be met with resistance.
We need a different tactic. A tactic that provides the business community with the opportunity to lead in lieu of government action. The E-liability system is a novel approach that applies accounting principles to GHG emissions, treating them like liabilities and requiring companies to track and balance them at each step of the value chain. The idea is that firms will then manage their emissions liabilities against company assets.
Transparency in disclosure and buy-in from the investment community can jumpstart this approach and generate broader acceptance.
This article was developed with the support of Darden’s Batten Institute. Lenox and Duff co-authored the book The Decarbonization Imperative: Transforming the Global Economy by 2050.
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