Author Archives: Marc Karell

Don’t Just Replace; ‘Right-Size’ Your Equipment

You have equipment that is old and perhaps no longer functioning well. It is time to replace it. It is common to make things easy and just procure and install the latest, even most energy-efficient model of the same equipment to take its place. That is good, but here is an idea that is better. Invest a little time to determine whether that equipment was right for the job. Take the time before buying new equipment (which presumably will be in place for many years) to determine what its right size should be for current applications or looking ahead into the future.

This is particularly true of HVAC and other equipment that uses a lot of energy. Many existing buildings are decades old and were designed when energy was rarely a consideration in design of equipment and when energy was cheap. Perhaps that HVAC firm calculated that a particular air conditioning system needed to produce 20 tons of cooling to properly cool a given space. It was common decades ago to include in the design a unit for 25, even 30 tons, to “ensure” that sufficient cooling would be achieved. There is an energy penalty for operating a larger system (more kWh of electricity must be used), but that was not a big deal decades ago, as energy costs were cheap. Well, now, decades later, perhaps that piece of equipment needs to be replaced. Electricity is not cheap anymore and will not be in the future; it is likely to grow in cost faster than inflation. Therefore, when planning to replace that air conditioning unit or boiler, it is important to re-assess and see if you still need that 25 or 30 tons of maximum cooling. Maybe you can still comfortably cool your tenants with 20 tons of cooling. This will reduce capital costs and monthly electricity costs, too, for many years to come.

This is not only true of HVAC, but other equipment, too. Pumps have historically been overdesigned “to be sure” it pumps the material necessary fast. But modern pumps can be designed with variable frequency drives (VFDs) to maintain the amount of movement that is needed, whether maximum or not. New motors with VFDs can significantly reduce energy costs, too.

And take the time to look into the future and estimate what your future needs will be and “right size” equipment for that. What new functions may occur? Perhaps the building has aged such that you need more heating or cooling. Or perhaps the tenant mix and needs have changed over time (especially, with the potential of fewer staff in a space generating heat). Invest in what is truly needed in the future.

Yes, you certainly don’t want to under-design equipment (you want your tenants to be happy and your operations to function reliably), but you also don’t want to needlessly overdesign either, as the costs for doing that could be great.

CCES has the technical experts to help you assess your equipment needs, particularly when it comes to energy efficiency and air emissions. Contact us today at 914-584-6720 or at karell@CCESworld.com.

It’s That Time of the Year – Begin Your Preventative Maintenance Program Now

The harsh winter is over or maybe summer slowdowns are starting or maybe you’re getting back into gear as demand rises in our pandemic “return to normal”. In any case, your viability as a company is dependent on the reliable operation of your equipment. So, don’t just turn them on and take them for granted. Perform the important steps of preventative maintenance and do them thoroughly and properly. Yes, if it costs money to do it, spend the money.

There are so many benefits:

• Increase the life of your equipment. This means not only peace of mind that your equipment will continue to operate successfully and reliably, but this also will reduce your capital outlays significantly in the long-term and reduce your disruptions from replacing equipment.

• Reduce the risk of breakdowns.  Properly maintained equipment will have a lower chance of breaking down, leaving you potentially unable to operate and produce product altogether. And fewer breakdowns means fewer desperate calls to fix equipment, which may take critical time and cost a lot of money.

• Save on energy costs.  Properly maintained equipment will not only operate satisfactorily, but will do so more efficiently, reducing energy usage as it is operating. This will save you costs now. With energy rates rising faster than inflation, this is something to seriously consider.

• Reduce environmental impacts. You very possibly operate your equipment under some sort of air and/or wastewater permit, limiting your discharges, based on normal operation. Equipment not well maintained may be operating sub-optimally, emitting pollutants in excess of your limits, which could result in a violation leading to fines, other punishments, and extra work and testing to prove to the agency that you are back in compliance. And lead to a bad reputation, too.

• Safety.  Equipment that is not operating as designed may be a potential safety hazard, leading to workplace injury or worse, leading to very high costs to resolve the problems and OSHA enforcement issues. It is certainly in your interest to have your workers operating in a safe environment.

• Reduced need of spare parts.  Well-maintained equipment requires fewer spare parts around compared to equipment at greater risk of breaking down. Needing to store fewer spare parts frees up space, which, in many instances, is very valuable, and enables better organization.

How do you do this? First, develop an inventory of your equipment. Then simply follow manufacturer’s directions for each. If you cannot find them, contact the manufacturer or dealer. They want your repeat business, so they should cooperate and let you know they’re on your side. Make sure procedures are accessible. Spend some quality time training staff on what needs to be done and how often. Make sure the right people have time to understand the procedures and are properly trained to do them properly. If nothing else, it is good to keep equipment clean, such as by changing filters regularly.

Good luck, establish a preventative maintenance program, and reap the benefits.

CCES has the technical experts to help you maintain and optimize equipment in different areas, including in being more energy efficient. Contact us today at 914-584-6720 or at karell@CCESworld.com.

Environmental Enforcement Expected To Rise – What To Do

As predicted by many, the shift in administrations from Pres. Trump to Pres. Biden has led to many quick changes, including an increase in enforcement of environmental regulations. One of the first speeches of the new USEPA Administrator Michael Regan reaffirmed the agency’s “commitment to working collaboratively and cooperatively with the states to protect public health and the environment.” Therefore, facilities should expect to see increased federal and state enforcement of environmental laws. New York Attorney General Letitia James recently stated that the change in administration is allowing her office to shift its focus from litigation against the federal government to other priorities, such as greater environmental enforcement. James also said that the expected greater collaboration and coordination with the USEPA would allow more successful enforcement initiatives.

Increased enforcement at the federal level is expected in the new administration, too. The Justice Department’s Environment and Natural Resources Division is expected to be supportive of prosecutors going forward with environmental cases. Enforcement tools constrained by Trump administration policies are in the process of being changed.

In addition, the Biden Administration has signaled that it will aggressively address the issue of environmental justice, excess emissions, waste, or impacts potentially harming poorer or minority neighborhoods.

Therefore, to prepare for this new uptick in environmental enforcement, companies potentially impacted should:

• Review current environmental regulations to determine which currently are applicable and, if so, whether the facility is in compliance, has slipped to potentially be out of compliance, or whether the monitoring systems to definitively determine continual compliance status are no longer working or reliable

• Review existing environmental management systems to make sure they are functioning properly and set and actually achieving compliance

• Undergo one or several rigorous compliance audits by outside qualified experts to determine your compliance status or what should be done to better assess it

• If non-compliance is discovered, develop and execute a plan to promptly correct the violation and potentially voluntary self-disclosure to reduce the chance of criminal prosecution.

• Since it may have been a long time since the last inspection, develop procedures in case federal or state environmental officials perform a surprise inspection of your facility. What would your staff do? What procedures should they follow?

CCES has the experts to perform the technical assessments to determine your air pollution emission rates and estimate where it stands vis-à-vis applicable federal, state, and local air quality regulations. Your company should retain a qualified, experienced attorney to counsel on legal issues. CCES has the technical experts to work with legal staff and determine compliance and help return your facility to compliance. Contact us today at karell@CCESworld.com or at 914-584-6720.

New Presidential Executive Order on Supply Chains

Lack of US independence in the manufacturing of crucial items, such as personal protective equipment and battery components, has led many to be concerned with how we will respond to the next pandemic or move forward on clean energy. On February 24, President Biden issued an Executive Order focused on shoring up supply chains of critical items. The order will require a 100-day review of the supply chain of many products worked on by government contractors and the private sector. In addition, over the next year federal agencies will be required to develop and begin to implement additional actions to maximize domestic production of crucial items and/or ways to work with allies on a coordinated response to hasten supplies when needed.

For example, the Secretary of Energy, coordinating with other agencies, is required to submit a report identifying risks in the supply chain for items such as, large-scale (industrial and electric vehicle) batteries and policy recommendations to address these risks. Also required is a report on supply chains for the energy sector industrial base.

The US Senate confirmed in a bipartisan vote former Michigan governor Jennifer Granholm to serve as the 16th Secretary of Energy. In a Department of Energy blog post shortly after confirmation, Secretary Granholm outlined her priorities including solar, wind, electric cars, advanced batteries, energy efficient appliances, and a weatherized grid structure. Secretary Granholm is known as an electric vehicle enthusiast.

One of her first actions as Secretary is to jumpstart a $100 million funding opportunity for “transformative clean energy solutions” to identify cutting-edge clean energy technologies to address the climate crisis. Energy officials believe total research in clean energy sponsored by the agency will increase to the billions.

CCES has the experts to help your company be more energy efficient and productive. Contact us today at 914-584-6720 or at karell@CCESworld.com.

The Proposed Infrastructure Plan: Clean Energy

On March 31, 2021, President Biden released his $2 trillion infrastructure plan intended to aid the nation’s economic comeback from the COVID-19 pandemic by raising employment in jobs for necessary projects, such as energy efficiency, renewable energy growth, and grid modernization. This is also part of the government’s strategy to achieve a net-zero emissions power sector by 2035, and a net-zero economy by 2050.

In response to the recent power crisis in Texas, the proposed Infrastructure Plan would invest $100 billion to modernize the electric grid with at least 20 GW of high-voltage capacity power lines. The Plan also proposes creation of a Grid Deployment Authority at the Dept of Energy to manage this effort.

The proposed Infrastructure Plan also promotes the retrofitting of existing residential, commercial, and municipal buildings to be more energy efficient and electrified and a $27 billion Clean Energy and Sustainability Accelerator to mobilize private investment.

The Infrastructure Plan proposes creation of Energy Efficiency and Clean Electricity Standard (EECES) aimed at improving energy efficiency, promoting cleaner energy, and incentivizing efficient use of existing infrastructure and carbon-free energy from nuclear and hydropower. The Infrastructure Plan proposes to invest $174 billion in electric vehicle (EV) development, including building a network of 500,000 EV chargers by 2030, replacing 50,000 diesel transit vehicles, and electrifying at least 20% of the school bus fleet. The Plan also includes a 10-year extension of an expanded direct-pay investment tax credit and production tax credit for clean energy generation and storage.

The Infrastructure Plan proposes both a $10 billion investment in public land and water conservation, community resilience, and environmental justice through a new Civilian Climate Corps and a $5 billion investment in remediation and redevelopment of Brownfield and Superfund sites in disadvantaged communities.

The Infrastructure Plan rebuilds research in climate areas that was decimated under the previous administration, setting aside $35 billion for research and development of new, beneficial technologies, such as energy storage, carbon capture and storage, hydrogen, EVs, floating offshore wind, and biofuel products.

One of the criticisms of the Plan is what will happen to the industries that will be harmed or ruined by the switch to clean energy, such as coal and oil & gas. The Plan proposes to address this by training fossil-fuel industry workers to apply their skills for clean energy and for employment to plug oil and gas wells and clean abandoned mines.

As one sees in the news, the Infrastructure Plan faces political hurdles, as many feel it is too expensive for a government already high in deficit spending. Democrats believe that the economic benefits and savings to the private sector will lead to economic growth that would raise revenues and eventually would pay it back plus some. It is likely some compromise (cutting back) of some of the ambitious goals (clean energy and others) will occur before it is promulgated.

CCES has the experts to help your firm manage energy (yes, manage this important resource), assess your energy profile, and move toward cheaper, cleaner energy choices and energy efficiency to reduce your energy waste, save you significant costs, and improve productivity. With the likelihood of financial incentives from the federal and many state governments, even the initial investment to reduce your energy and carbon profile can be quite affordable. Contact us today at karell@CCESworld.com or at 914-584-6720.

IRC Section 179D Tax Incentive Is Permanent

As part of the Consolidated Appropriations Acts, 2021 signed into law on December 27, 2020, the energy efficient commercial buildings deduction (IRC Sec. 179D) is now made permanent.

What Is IRC Sec. 179D?

Internal Revenue Code (IRC) Sec. 179D is a tax incentive that provides building owners and eligible designers/builders the opportunity to claim a tax deduction of up to $1.80 per square foot for installing qualifying energy efficient systems and buildings. Tenants may be eligible if they make the construction expenditures. The tax deduction applies to both new construction and retrofits. Qualified buildings include:

• Commercial buildings, including warehouses and parking garages;
• Multifamily properties with four stories or more; and
• Government-owned buildings, such as public universities, libraries, etc.

To qualify, the energy efficient property must reduce the energy and power costs of a building located in the US by 50% or more in comparison to the minimum requirements of ASHRAE Standard 90.1 of the time. If the 50% target saving is not met, the provision allows partial deduction of $0.60 per square foot for each of the following components:

• Interior lighting systems meeting a 25% saving;
• Heating, cooling, ventilation, and hot water systems meeting a 15% saving; and
• Building envelope meeting a 10% saving.

The deduction cannot exceed the cost of the qualifying property. There are also alternative guidance for partially qualifying property of lighting systems.

If a deduction is allowed under IRC Sec. 179D with respect to the energy efficient property, the property’s basis will be reduced by the amount of allowed deductions.

Illustration of Potential Tax Saving from IRC Sec. 179D

Multiple energy projects covering lighting, HVAC, and building envelope costing $19,500,000 is completed for a commercial building with 600,000 square feet. Typically, the improvement is depreciated over 39 years and provides annual depreciation of $50,000. However, with the qualified IRC Sec. 179D deduction, additional depreciation can be taken in the year that the energy efficient projects are placed into service, resulting in significant benefit to the taxpayers:

600,000 sq ft x $1.80 benefit rate = $1,080,000

The basis of the energy efficient property will reduce by $1,080,000, and the remaining basis of $18,420,000 will be depreciated over 39 years.

How to Apply

One cannot just do an energy efficiency project and claim the deduction. In order to qualify under 179D, energy efficiency project(s) must receive proper certification by licensed engineers as meeting appropriate energy efficiency standards. The qualified individuals will certify perform field inspections in accordance with guidelines from the National Renewable Energy Laboratory (NREL) and calculate the energy and power cost savings with software approved by the US Dept of Energy.

Taxpaying building owners can take the IRC Sec 179D deduction in the current tax year if they receive the proper certification and/or allocation letter at tax filing time. The renewal of the rule allows a building owner to take the deduction retroactively for energy efficient projects completed in prior years. Such a situation will require eligible tax payers to amend their prior tax returns in order to take the deduction.

The $1.80 per square foot deduction will rise with inflation in future years. Therefore, this rule does not have to be reauthorized every year or two. It is permanent.

Non-Tax Paying Buildings

For energy efficient property installed on or in buildings owned by an entity that does not pay taxes, such as federal, state, or local governments or not-for-profits, the 179D deduction can be allocated to an external person primarily responsible for the project’s design, such as designers, architects, engineers, contractors, or energy consultants. The person needs to secure an appropriate allocation letter to transfer the benefit.

CCES has the technical experts to design, perform, and certify energy upgrades that would qualify for IRC Sec. 179D. CCES has successfully done such work in the past under the 179D deduction program. Contact us today at karell@CCESworld.com or at 914-584-6720.

Top 4 Tips to Run an Effective Board Meeting in Under 60 Minutes By Tina Larsson, The Folson Group

The Folson Group

One of the disincentives that keeps good, qualified people from joining their building’s condo or coop board is the demand on the board member’s time. Work in between meetings can generally be done at your discretion, but the meetings themselves are at a set time and day, and can often be long, contentious, drawn out and just plain borrrr-iiiing!

Read https://www.brickunderground.com/blog/2014/11/four_tips_for_improving_your_board_meetings   for additional suggestions.

We have heard of many building’s meeting that consistently lasts three hours or more. That’s insane! No one can possibly concentrate that long or be effective. In time, people begin to dread the meetings, and members become resentful and less inclined to participate fully in the board’s overall functioning. Here are a few simple tips to tighten up your meeting, make it more efficient, more effective, and possibly even more enjoyable!

1. Have every meeting at a set day and time. That is, instead of spending time at every meeting trying to find a date that “works for everybody,” have a consistent schedule so that people will automatically have the day and time saved. Say, the third Tuesday of every month at 6:30pm. This keeps people available and so you’re more likely to have a quorum, and it lets them know well in advance how to plan their personal schedule, and also keeps people from “forgetting” that the meeting was “tonight”!

2. Be sure that everyone works during the month. That means committees, special projects, routine matters, etc. People can talk/text/email about what they are doing, and topics for discussion can presented via email so that everyone can review, prepare and be ready for the meeting, and not waste time “getting up to speed.” As Steven P. Covey said in his book “The 7 Habits of Highly Effective People,” be proactive. In many cases, especially simple matters, votes can be conducted through email (and just ratified and memorialized in minutes at the actual meeting).

3. Keep extraneous talk to a minimum and avoid “side-bars” and private conversations. It’s rude, disruptive, and keeps business from being conducted. People can talk about their vacations, grandchildren, how smart and important they are, on their own time: you can still have a friendly and warm meeting while sticking to business.

4. Maintain control of the meeting. Reasonable questions, of course, should be heard, but questions for the sake of delay, argument, and the love of one’s own voice should not be tolerated. It is up to the president to maintain firm, but fair, control of the meeting. When the facts are laid out, a vote is called, tallied, and that’s it, end of discussion, and on to the next item.

Follow these simple tips and have a happier, more convivial and more effective meeting and board!

If your co-op or condo board would like other tips on how to run a more efficient building, The Folson Group provides alternative property management services that helps buildings and boards run more efficiently and can save you up to 40% on the fixed operating costs. Email us at info@thefolsongroup.com or call us at (917) 648-8151 to find out more.

http://www.thefolsongroup.com/

 

Need To Save Energy? Lighting Is A Sure Winner

For many building owners and managers, effort is being made to prepare for the return to “normal”. Rules are loosening and there is the general feeling of optimism that people will soon return to their offices, stores, movie theaters, etc. While it is a separate debate about whether this will happen, many business owners are now gearing for occupancy again. And given the harsh truth that for most businesses it will take time for revenue to return to pre-pandemic levels, it will be crucial to reduce costs. One good way is to reduce energy waste, as energy rates are rising beyond inflation.

A great low hanging fruit to save energy costs is to convert your current lighting stock to light emitting diodes (LEDs). You’ve probably heard of them and, yes, they do produce the same or more light using much less energy, one-tenth the power of halogen lights, one-quarter the electricity of incandescents, less than half compared to fluorescents. LED lamps can be controlled (color temperature, dimness, etc.). Prices have dropped as their market has grown recently. Switching to LEDs is such a good deal that many utilities and agencies are cutting back or eliminating LED incentive programs. Paybacks are so good, why should they spend money on such programs and not other programs?

And there are other things to consider when considering lighting.

Are you lighting critical operations properly? Might you be under- or over-lighting certain areas? For example, I performed an energy audit and when I walked into the office, I was blinded for a couple of seconds, the office too bright. I recommended the company de-lamp; remove some critically-placed tubes. The area was still well lit, yet they saved energy costs (the best energy-saving light is the one not on if unneeded).

Once you decide to replace your current lights with LEDs, you need to take a close look at your ballasts, the equipment that holds your tubes. They use electricity. Do they do so efficiently? Are they compatible with the LED tubes you wish to procure? Many old ballasts damage new LED tubes and suppliers will insist they be replaced or their warranty will not be valid. It’s in your interest to upgrade, if it will lengthen their lifetimes.

Another area to consider is lighting controls. As mentioned above, the most energy efficient lights are those that are off when not needed. Timers turn on and off lights at times of non-occupancy, more than making up their cost. Occupancy sensors turn on and off lights depending on occupancy of the space, ensuring lights are used only when people are present. These are inexpensive alternatives for solid energy cost savings.

Back to LEDs, another significant advantage to switching is that LEDs last much longer than fluorescent or halogen lights. LEDs use less electricity and, therefore, generate less heat, causing less damage. Many LED lights have warranties for 7-10 years, while fluorescents often last only 2-3 years. This means more work for your O&M staff, taking them away from other, important projects, just to change a light bulb. Therefore, if you have lights in hard-to-reach places, LED lights would really be beneficial here. And by taking fewer trips up and down the ladder or cherry picker, health risk drops, too.

Finally, LEDs are “cool” in two regards. They use less electricity and thus, emit less heat, reducing a room’s heating load. In some cases, switching to LEDs reduces the fuel used for heating a building or space by 2 to 3%. And LEDs are particularly good for providing lights at low temperatures, even well below freezing.

Good luck in trying to reduce your energy usage and costs as you return to “normal”. Do a thorough analysis of your energy and lighting needs. Consider upgrading to LED lights and other tips, too. If you do decide to do so, do it soon – before incentives disappear.

CCES has the experts to help you assess your total energy needs and lighting needs and recommend beneficial changes to save you energy costs and still provide for your staff and customers. Contact us today at 914-584-6720 or at karell@CCESworld.com.

Give Your Energy Systems An Annual Checkup

Going to the doctor for your annual check-up is smart because even if you feel well, the examination can catch problems before they become serious. One certainly would like to know and take small steps to control high blood pressure or cholesterol which you may not “feel”. Similarly, your operational systems, and specifically those involved in energy may appear to be operating well. You press the ON button, and the equipment works. However, energy systems degenerate over time and they need regular check-ups to not only continue reliable operation, but also to know when to replace them.

Why you need to check on your energy system regularly:

Hard work and time. Your systems that use energy, like your boilers, chillers, etc., work hard, over long periods of time. And in most cases, under far from ideal situations, such as high temperatures. Assume that even though they are operating proficiently (delivering to you the heating, cooling, light, mechanical power you need), that they lose efficiency and effectiveness over time. Therefore, it is a good idea to give your systems an annual checkup every year by a professional in the field. Ensure that the components of the equipment are still in good operating shape and there is minimal degradation. Besides the individual components looking and operating properly, look into the system as a whole. Is it working together effectively? This includes controls. Your equipment should be operating well together with one another. Again, the annual check should include runs of your entire system with proper monitoring readings to ensure that not only is the ultimate job done by the equipment (i.e., heat or cool a space, etc.), but that the individual components are regulating matters properly. Therefore, for a boiler system, one needs to monitor temperature, air and fuel feed rates, O2 and CO2 levels to ensure all is in order.

Your changing needs. You purchased that equipment for certain anticipated needs. Are these assumptions still true? Did the growth that, perhaps, you planned for come through? Perhaps you even contracted (certainly true for many in the age of COVID). And of course, changes in operation must be implemented suddenly (also, in many cases, because of COVID). So therefore, it may be necessary to change the way you operate equipment to adjust for changes. Is your equipment ready to change its operation to adjust to necessary changes? This is another reason to have a “checkup”.

Why wait for a checkup? Monitor key activities. Nobody wants to be poked with needles to take blood and all. But are there devices to monitor key factors to indicate potential problems even before a checkup? Consider installing technologies to monitor factors, such as fuel usage and energy generation continually throughout the year to assess the effectiveness of your equipment. This can enable you to perform repairs or replacements of certain equipment before they “go down”, which always seem to happen when we least can afford it, right? This is another example of an investment to reduce the risk of problems and failures down the road like regular health checkups achieve, as well.

So as the heating season is wrapping up, consider giving your equipment a “checkup” shortly and take a holistic view of that system one takes for granted, the equipment that uses energy to supply, heating, cooling, light, movement, etc.

CCES has the experts to help you manage your energy systems, whether it is auditing to determine ways to save energy usage and cost or the upkeep of your equipment. Contact us today at 914-584-6720 or at karell@CCESworld.com.

Focusing The Power of Finance for Sustainability

If 2020 taught us little else, it taught us that life and the global economy are vulnerable to the forces of nature. Proof is the COVID-19 pandemic which reduced life expectancy in the U.S. by one full year in just a year’s time. And it clearly damaged and set back so many sectors of our economy. Imagine the impacts of global upheavals of nature should we not be sustainable and climate change impacts farflung economic sectors.

At a recent conference, Mark Carney, UN Special Envoy for Climate Action & Finance and a former Governor of both the Bank of Canada and the Bank of England, says finance can play a pivotal role in addressing the climate crisis, focusing on three points:

First, Mr. Carney argues that now is the time to lay the groundwork for a more sustainable financial system to address climate issues while also preparing for sustainable growth.

A new organization, The Network of Central Banks and Supervisors for Greening the Financial System has grown to over 70 central banks, with the US Fed having announced its intention to join. This would enable 80 – 85% of global GHG emissions to occur in areas with regulators in this organization. This enables a consistent approach to investment and strategies.

The signatories to the United Nations Framework Convention on Climate Change (UNFCCC) asks each nation for concrete commitments to follow the terms of the Paris Agreement, like reducing GHG emissions and assisting poorer countries to grow sustainably. Mr. Carney sees this as a cycle. These commitments provides the opportunity for certainty and planning of projects and financing, which better enables success in such initiatives, which leads to meeting climate goals.

Second, is how can market forces be used to make headway in solving the climate crisis. As has been said, a forest has no market value until the trees are chopped down. What can change to encourage (financially) forests from not being chopped down, for instance? Mr. Carney believes that strengthening the carbon offset market can be such a vehicle.

The third factor revolves around risk. The financial sector needs to quantify risk and put their money behind opportunities of excellent projects and avoid funding those that add risk in terms of climate. Quantification of risk and reward, of course, cannot occur without open, public determination of and reporting of climate change risks.
If these issues can be resolved, then Mr. Carney is optimistic that the market will drive climate solution in a successful and beneficial way.

And finally, we are seeing in the US major moves and discussions led by major financial sector leaders (i.e., BlackRock) that climate change is the pre-eminent issue of our times with great human and business implications.

CCES has the experts to help your firm find its footing with Climate Change and sustainability and begin to assess technical risk. Contact us today at 914-584-6720 or at karell@CCESworld.com.