New York lawmakers expect to pass a nation-leading plan this week to address climate change by slashing greenhouse gas emissions and moving almost entirely to renewable energy in the next three decades.
The shift will have huge implications for businesses in the state. Some are concerned about the high price tag of switching to new technology; others say there’s opportunity to be had in getting involved with new practices as the world turns to the green economy.
The bill — called the Climate Leadership and Community Protection Act — requires New York to cut greenhouse gas emissions to 85% below 1990 levels by 2050, offsetting the other 15%. The state will have to get 70% of its electricity from renewable sources by 2030 and go carbon-free by 2040.
The new standards could affect every industry because of the sweeping scope, says Dennis Elsenbeck, the head of energy and sustainability at Phillips Lytle LLP. Elsenbeck sees potential for businesses to capitalize on the move to renewable energy, creating jobs in the process.
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