At the recent Wharton D.C. Innovation Summit, a panel of experts discussed the policies being pursued by U.S. cities to reduce carbon emissions and how technology is evolving. The event was held both virtually and in person in Washington, D.C., in July.
Moderator Sandra Baer, CEO of Personal Cities, said it will cost an estimated $21 trillion to decarbonize the four most significant industries in the world (cement, ammonia, ethylene, and steel) by 2050.
“All of these sectors are related to transportation, energy, communications, and everything going on in the word,” Baer said. “So, how can we decarbonize—all measures through which an entity, a business, a government, or any kind of organization reduces its carbon footprint, carbon dioxide, and other greenhouse gas emission.”
Krystal Noiseux, associate director of the MIT Sloan School of Business, presented En-ROADS, a climate change software created at MIT, which is a free online climate policy climate solutions simulator.
Noiseux said, “We use this tool to help groups of decision makers—whether government elected officials, agency officials, or private sector business leaders—try to develop a plan to meet the goals of the Paris Accord to keep the world under no more than two degrees of warming by the end of the century.”
By factoring in numbers for oil, natural gas, renewable, bioenergy, and nuclear, the software shows the impact of emissions over time though a series of graphs and formulas. Taking a cue from a seminar attendee, Noiseux looked at the growth of electric vehicles in a simulation. By being aggressive and highly incentivizing electrification in the transportation sector, the program showed a significant impact on future carbon emissions.
“Oil is shrinking because we’re transitioning from a fuel-based power source to electricity,” Noiseux explained. “But with oil shrinking, renewables are growing and coal is growing, too. So, we have to remember that those two things work together.”
En-ROADS has already been presented to more than 35 U.S. Senators, almost 100 Representatives, more than 1,000 business leaders, and nearly 200 people who work in the NGO sector and influence policy.
Rob Blatman, producer of the PBS prime-time series “Saving the City,” discussed the policy changes that cities are making to reduce carbon emissions.
Blatman noted that in San Francisco, starting in 2021, new residential construction in the city is required to be all electric. That means no more gas heating, cooking, or cooling allowed, among other things.
According to the Sierra Club and Earth Justice, this action reduces the construction cost of a single-family home by as much as $6,000 and in a multifamily unit as much as $1,500.
Another action in San Francisco is that starting this year, all commercial buildings over 500,000 square feet (46,451 sq m) have to get 100 percent of their electricity from renewable sources. By 2024, all buildings over 250,000 square feet (23,225 sq m) will also need to be compliant. Other cities in the Bay Area have also followed suit to discourage the use of gas.
“The Denver City Council only this week voted to have a subsidy for buildings to go toward electrification,” Blatman said, noting things are happening around the country to help.
During his talk, Blatman also talked about recycling efforts, solar power and economic incentives for composting.
Both panelists agreed that tech innovation can do wonders in helping the climate and that things can change if people and businesses take active steps.
More innovation is needed and the industry is responding: venture capital fund Fifth Wall just announced the closing of a $500 million fund focused on climate tech. President Biden is also using executive orders to fund infrastructure changes that will also fight climate change and mitigate excessive heat.
