2023.10.03 WS Packet - Laserfiche WebLink

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New Brighton Climate Action Plan 9 -2 Sector Strategies CE 1: Capture local economic potential of sustainability and climate action. Global climate goals require major investments over the next 15 years to avoid permanent economic harm. Bold measures could spur a $26 trillion economic boost in the U.S by 2030, says the World Re- sources Institute. The UN notes that each dollar spent on climate action brings $4 in benefits. Strategic planning for robust climate actions offers communities opportunities for recovery post -pandemic and lasting economic prosperity CE 2: Increase equitable workforce and entrepreneur development for the Climate Econ- omy. Local climate initiatives like solar energy and building weatherization generate quality 'green' jobs, re- taining investments within communities and providing higher, more equitable wages. The Brookings Institute highlights their importance in transitioning to a carbon -free economy. Offering higher wages to workers with no more than a high school diploma, these jobs contribute to long-term local workforce skills, opening economic opportunities for disadvantaged individuals. CE 3: Support local businesses operations in building marketplace climate resilience. COVID-19 showcased the domino effect of disruptions, shrinking the global economy by 4.3% or $3.5 trillion in 2020. The Swiss Re study warns that the economic impact of climate change could surpass COVID-19's, even quadrupling in the worst-case scenario. With nearly half of top corporations, like Ap- ple, Nestle, and 3M, reporting near $1 trillion climate-related financial risks, strengthening climate resil- ience becomes crucial, especially for small and local businesses, which contribute significantly to eco- nomic activity and job creation. CE 4: Establish sustainable financing for the City's Climate Action Plan implementation. Existing state, federal subsidies and local tax powers may fall short in funding initial resilience and adap- tation initiatives due to a mismatch with traditional finance models. These investments often bear short -term costs but yield long-term value, or prevent future climate damage without immediate returns. As solutions, communities are exploring climate bonds, public-private partnerships, Climate Funds, and emissions trading programs. Click arrow for actions Sector Goals Develop economic Potential Job Training Resilience Climate economy Increase local business