North Carolina Responds to Climate Challenge
N.C. Governor Cooper Issues Executive Order on Climate and Clean Energy
On October 29, 2018 following the devastation of Hurricane Florence, North Carolina Governor Cooper issued an Executive Order on climate change readiness and commitment to clean energy.
Highlights of Executive Order #80 include:
- NC’s commitment to reducing statewide greenhouse gas emissions to 40% below 2005 levels by 2025
- Increase in registered, zero-emission vehicles (“ZEVs”) in NC to at least 80,000
- 40% reduction in energy consumption in state-owned buildings.
SustainableNC was also rolled out in late 2018 to encourage public and private collaboration as NC strives to become a national leader in energy innovation and build a low carbon economy. SustainableNC will help businesses, local governments, community groups, and private citizens across the state achieve their voluntary environmental goals.
Here's Why Climate Action Matters
Climate risks are expensive
- $320 billion in economic losses in 2017 were related to climate disasters in the US (2018 report)
- Hurricane Florence estimated to cost $17-22 billion
- Changes in consumer demand, technology and products in a low-carbon economy can be competitive risks (or opportunities)
Sustainability is profitable
- $26 trillion in direct economic gain possible from climate action through 2030 according to 2018 report from The New Climate Economy
- 72% of Millennials are willing to pay more for sustainable products - up from 55% in 2014 (Nielsen Research, 2015)
- Product and technology innovation, expanding markets and resource efficiencies are profit opportunities
Stakeholders expect accountability
- 86% of Millennials are interested in sustainable investing - that means almost all Millennials, a group that is set to inherit $30 Trillion in assets
- Investors are increasing pressure for disclosure of climate-related risks and opportunities
- Customers are demanding sustainable business practices
Three-tiered approach:
Strategy
Seek stakeholder input on how a low-carbon economy impacts your business strategy.
Innovation
Discover new markets, new products and technologies to give you the competitive edge.
Investor readiness
Know the risks and opportunities that climate change presents and investors expect you to address.