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Climate change and a rapid push toward clean energy will reshape the Western New York economy and create plenty of opportunity for business leaders with foresight. They also risk leaving businesses swamped by the rapid pace of change.
This year, Buffalo Business First will take a close look at how the region can capitalize on strengths and address weaknesses, improving both the local economy and quality of life for the people who live here. We will ask business leaders and other key stakeholders what Buffalo’s potential is and how that potential can be unlocked. Each month, we'll also provide a handful of ways that members of the business community can help Western New York do just that.
Here are five key things to keep in mind when preparing your business for these changes toward clean energy.
Be proactive and know the regulations: A host of new energy regulations are coming down the line, but many of them remain uncertain and years out. Businesses will need to look well into the future, both to avoid being caught off guard by new regulations and to best capitalize on the changing economy.
Measure your energy usage: A detailed accounting of which processes are using the most gas or electricity could help identify simple, cost-effective efficiency improvements, as well as spotlight those that would require a significant capital investment.
Make your voice heard — and be specific: Many businesses are complaining about new energy regulations, but complaints won't be enough to sway lawmakers in Albany, according to Phillips Lytle attorney David Flynn. If a specific regulation is harming your business you must be prepared to provide specific information about why it is untenable, and to consider alternatives that could still help the state achieve its climate goals.
Consider your financial options to cover expenses: If energy improvements don't pencil out, there may be ways to help cover the costs. In addition to government incentives, there are firms that will help finance the up-front expenses.
Act with purpose when it comes to development: Small steps can make a big difference when it comes to protecting Western New York's natural resources. Decisions about where and how to develop should be made with the region's environmental health in mind.
What are we missing? Email Managing Editor Michelle Cioci Adams and let her know. Your comments or ideas may be used in upcoming issues of Buffalo Unlocked.