Stakeholders from government, industry and advocacy groups brainstormed how the region could reduce greenhouse gas emissions by 80% by 2050 while overcoming significant technical, market and political barriers.
Concerns about climate change and the catastrophic damage it can cause to communities, infrastructure and natural areas are growing around the world, but many of the changes needed to mitigate its effects must be driven at a more regional level. In New England, most states have pledged to reduce greenhouse gas (GHG) emissions by 80% by 2050, and some states, including elsewhere in the Northeast, have committed to broader targets or faster timelines. Last year, Maine Governor Janet Mills signed an executive order to achieve carbon neutrality by 2045, New Jersey Governor Phil Murphy released a plan to reach 100% clean energy by 2050, and New York passed legislation authorizing a zero-carbon electricity sector by 2040.
However, it is not entirely clear how such large-scale cuts could be achieved. Many of the possible solutions have significant political and market-related hurdles that also require changes in consumer behavior. Overcoming these hurdles, while ensuring adequate clean energy supply to meet the expected increase in demand, will require collaboration across jurisdictions and competing commercial interests and constituencies.
The order to brainstorm ideas will be an unprecedented undertaking and for regional coordination efforts in the Northeast, Mintz, the Northeast Clean Energy Council (NECEC), and the Thorn Group convened an invited summit of high-level clean economy leaders from the public, private and nonprofit sectors. The event brought together more than 30 thought leaders and stakeholders from a broad range of investment components: local and state governments, utility companies, industry associations and trade groups, advocacy groups focused on the environment and transportation, and venture capital and project finance funds investing in sustainable businesses, and private companies ranging from green energy start-ups to Fortune 500 companies. Compiled by Chen Jiaoyun
