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Re-Imagining New York: Can We Build a Sustainable Economy and Recovery?
By admin May 27, 2020

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New York state is now in the middle of a phased reopening and New York City is close to reopening…but what is going to drive the economic recovery once COVID-19 subsides? Is it “business as usual” or something better? Can NYC unlock trillions of dollars and thousands of new jobs via the Sustainability Economy? Why rebuild if you’re not innovating and improving? Gov. Cuomo has spoken about “re-imagining” and building a smarter/better New York. Also, Mayor De Blasio recently spoke about the need for a Sustainability-driven recovery focused on the following elements:

(1) NYC signing onto the C40 principles for a sustainable recovery

(2) The recovery must address the inequity laid bare by the crisis

(3) Climate action can accelerate the economic recovery and green jobs

(4) Investments must be made to protect against future threats including the Climate Crisis

(5) Climate and environmental justice for communities hit the hardest

This is an encouraging commitment from Mayor De Blasio but it requires follow-through, action and implementation. It also requires investment into key initiatives such as accelerating Cleantech investment and retrofit projects, leveraging green bonds, incentivizing builders to utilize green technologies, allocating recovery loans to companies that invest in sustainability, creating new industrial clusters for renewable technology, and more.

But Sustainability is not just about investing in Cleantech — it is also about building a robust and resilient infrastructure in all of the key sectors that have been so hard-hit, particularly Healthcare, Education, Infrastructure/Construction, Retail and Hospitality.  It means consistent and continued investment into minority communities — historically excluded from New York’s economic power base —  that have borne the brunt of COVID-19. It will also require the implementation of comprehensive health and safety measures such as embedded antimicrobial solutions (in all touchpoints) that provide protection for all workers.

Ultimately, by tapping into the Sustainability Economy, NYC can unlock hundreds of thousands of new (better-paying, future-focused) jobs and trillions of dollars for the local/state economy – not to mention the global economy. One excellent opportunity is the retrofit market, which will reach almost $20B by 2030 per the research snippet below from Prescriptive Data.

 

New York/New York City is full of talent and tenacity. We have a huge amount of human, technological, financial, social and cultural capital. We don’t need a blueprint – we need a “greenprint”. We need to make sure that the promise of a Sustainable Recovery is backed up by a commitment to innovation and bold action. We need to make New York City the global showcase for a truly Sustainable Economy that is far more powerful than anything we ever had. No one is interested in returning to business as usual. We can’t go backward. We need to re-imagine a new New York and push forward to realize it. Sustainability is the critical key.

To find out more about TBG Purpose and our Sustainability solutions, just click below and get in touch.

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Thanks for sharing !


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