Feature

EDCUtah Annual Meeting

Focus: How National Climate Change Policy Affects Regional Economic Development

Global warming, cap and trade, carbon footprints—what do these terms mean to you, your organization, Utah and the nation? Significant climate change policy winds are blowing across the globe and the implications are massive. To understand what this means to you, your organization and our economy, plan now to attend EDCUtah's annual meeting, slated for September 4 at 11:30 a.m. in the Grand America Hotel, where you'll learn “How National Climate Change Policy Affects Regional Economic Development.”

“This annual meeting, like none other, is a can't miss opportunity to look into the future, see where climate change policy is headed and understand the impacts for individuals, businesses and our local and regional economies,” says Jeff Edwards, EDCUtah president and CEO.

The meeting will feature a keynote address by Dr. Anne E. Smith, vice president, CRA International. Dr. Smith is a nationally recognized expert in environmental policy assessment and corporate compliance strategy planning. She has spent 20 years working on issues related to keeping the costs of greenhouse gas emissions at a minimum and specializes in market impact analysis, risk management and integrated policy assessment. Smith has made significant analysis contributions on most major air quality policy issues, including global climate change policy. She also helps private corporations devise business strategies to address changing business and regulatory environments.

What's more, Smith has gained particular recognition for her contributions in the design and performance of emissions trading programs. While her experience is applicable to climate change policy at the national level, her perspective should be of particular interest to EDCUtah's investors and partners because Utah is at the forefront of a proposed “cap and trade” system that would be imposed upon utilities and industries that are major sources of greenhouse gases.

The draft plan, which parallels national proposals, was made public in July by Oregon Governor Ted Kulongoski and is supported by Utah Governor Jon Huntsman. It aims to gradually reduce carbon emissions across Oregon, Arizona, California, Montana, New Mexico, Utah, Washington and four Canadian provinces. The proposed cap and trade system would reduce greenhouse gases by requiring utilities and other high emitters to meet a fixed emission limit in aggregate. Businesses and utilities that cannot cut their emissions because of the cost or technical hurdles would be required to buy emission “allowances” from companies that have achieved lower emissions. Such allowances would be traded on the open market, much the same as financial securities are traded. Because of its high carbon footprint, primarily due to the state's numerous coal-fired power plants, Utah faces significant policy, technology and infrastructural changes to meet these emission caps.

“Bringing greenhouse gas emissions down to the limits now being proposed will create huge technological challenges,” says Smith. “Consequently, until other technologies, such as carbon sequestration, fit into the equation you'll see a backing away from coal and a shift to more carbon-friendly energy sources, like natural gas and renewable energy sources.”

(USTAR researchers at the University of Utah are among the leaders in the area of carbon capture and sequestration and their efforts are drawing international attention. For an interesting USTAR story about their work click here.)

The impacts of climate change policy will be far-reaching, not just for Utah but across the nation, and not just in the direct cost for energy inputs (gas and electricity) but in the cost of all inputs (goods and services), which themselves require energy to make, and to transport and distribute.

“Climate change policy will impact the cost of living and our very lifestyles,” Smith says, adding that those cities, states and regions that can restructure themselves with lower carbon emissions, increased efficiencies and greater access to renewable energy sources will remain competitive. On the other hand, continuing to do business the way we do it now will become expensive and local economies that cannot adjust will suffer as businesses and manufacturing operations shift to more cost-effective, carbon-friendly environs.

“The whole economy is expected to shift in ways that are hard to predict and it will be difficult to soften the blow,” Smith adds. “The best we can do is try to match timing with technology, but businesses and industries need to come forward and weigh in on climate change policy development. You are mistaken if you think the policy changes that are now shaping up will not hit your bottom line.”

Edwards says EDCUtah is committed to do its part in helping to build a more carbon-friendly economy, thus the focus on climate change policy at this annual meeting. “We must be prepared to adapt,” he adds.

EDCUtah is also deeply grateful to Rocky Mountain Power, title sponsor for the meeting, and to the gold and silver sponsors. Your attendance is encouraged. Tables for 10 are $1,000. Single seats for people in the private sector are $100 and $75 for people in the public sector. To reserve a table or single seat, please contact Art Franks, EDCUtah's membership director, (801) 323-4242.