The Business Case for Climate Change Policies

The Future of NC's Economy Depends on Climate Action Today

Tandy Jones, a farmer and business owner of 36 years from Chatham County, wrote of climate change’s impact on his farm in a recent Op-Ed piece in the News & Observer:

“With ever-changing conditions, it’s increasingly difficult to plan and prepare.” Tandy Jones is not alone. Businesses across the state face hardships with each crippling storm and the accumulating effects of climate-fueled extreme weather events on our state’s economy. With Hurricane Florence costing the state $17 billion, the consequences of climate change have rippled throughout the state and affected every business industry and every business owner.

Our state is taking action. We have the second-highest solar energy capacity in the country, we have decreased our dependence on coal-powered plants by 25% since 2012, and we are home to technology companies innovating renewable energy and smart grid technology. Governor Cooper is priming us for a clean energy future with his Executive Order 80 with plans from state agencies to be released this October.

What’s missing? The US Congress’s action addressing extreme climate-related events.

Just 20 years ago Congress led a bipartisan effort to address the root causes of extreme weather issues. George H.W. Bush worked with a bipartisan coalition to pass the Clean Air Act of 1990 to address the devastating impact of acid rain. The bill was able to cut acid rain in half and led to “$122 billion in benefits” to the economy.

Twenty years later, we need a resurgence of bipartisan cooperation to help our businesses and communities to combat climate challenges.

Without this action, NC businesses will face higher costs due to rising energy and insurance costs, and resultant bankruptcies due to reoccurring climate-related events.

Large businesses have taken steps to address climate challenges in response to shareholder and consumer demands. Small businesses are also doing their part by reducing waste, cutting back on travel, rethinking supply chains, and seeking access to renewable energy.

Small businesses drive our economy. They number almost 900,000 and employ 44% of the state’s employees. When small businesses prosper, the state’s economy prospers too. With climate-related events projected to cost the US economy $44 trillion by 2060, we cannot afford to wait for action.

But businesses cannot do it alone.

North Carolina small businesses call for the US Congress to address our climate-related concerns now. We ask that they take bipartisan action to convert to a 100% clean energy economy by 2050. And because the effects of extreme weather events are already being felt, we need funding to help businesses prepare for and deal with the after-effects of weather-related disasters.