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New Brighton Climate Action Plan 9 -1 <br />Increasing the preparedness of our businesses and <br />workforce and leveraging economic advantage of <br />climate action. <br />Climate change and economy are intertwined. Unchecked <br />climate impacts could cost the U.S. billions by century's <br />end. EPA scientists in 2019 showed potential annual <br />economic impacts of up to $224 billion by 2090 due to <br />different climate models. To achieve Paris Agreement's <br />goals, a 2019 World Bank report suggests a carbon price <br />of $40-$80 per ton, although some studies suggest $200- <br />$400. Using calculations from New Brighton's Climate <br />Vulnerability Assessment, a local carbon cost estimate is <br />$40 per metric ton. <br />The economy is also directly linked to climate action as <br />well. One common concern is that climate action <br />damages the economy. However, climate action today <br />avoids the future costs associated with unmitigated <br />climate change. <br />Seizing Opportunities of Global Action for The <br />Region’s Economy <br />The climate crisis has prompted 400 companies and <br />nations like China and the US to set net-zero emission <br />targets by 2050. For New Brighton, this necessitates <br />building local capacity for climate-oriented initiatives. <br />Contrary to concerns, climate action supports economic <br />development, enabling a shift to local energy and labor <br />sources. It opens opportunities to create wealth, reduce <br />reliance on imports, and generate jobs. <br />This plan outlines strategies to boost local climate action <br />investments and expand related sectors. By doing so, <br />New Brighton can lead in sustainable development and <br />proflt from proactive climate action, creating <br />opportunities for residents and economic development. <br />Climate Hazards <br />In many sectors of the economy, climate change <br />will impact consumption and costs for water <br />and energy. Extreme weather and increasing <br />variability in temperatures and precipitation <br />may stress transportation systems and fieets. <br />Increasing extreme weather hazards may <br />threaten supply material and product supply <br />chains. <br />Climate Economy <br />Equity Considerations <br />Climate action offers job opportunities and <br />pathways for equity and social justice. <br />Disadvantaged communities most affected by <br />climate change often benefit least <br />economically. Thus, it's essential to ensure fair <br />access to emerging green jobs. <br />Investments in renewable energy, energy <br />efficiency, and public transportation create <br />inclusive local jobs with livable wages. Cost <br />savings from these actions can lower living <br />costs, providing financial relief. Properly <br />implemented, climate action can support <br />equitable economic growth. <br />Click here to <br />return to TOC