NYC Thrives as an Unlikely Silicon Valley of Climate Tech - Bloomberg Law
NYC Thrives as an Unlikely Silicon Valley of Climate Tech
From the outside, the Brooklyn Army Terminal doesn’t look like much. The complex was once the nation’s biggest military supply base, sending millions of soldiers and countless tons of cargo off to World War II. Now it’s a sprawl of aging warehouses ringed by auto body shops and meat distributors, grim enough to have once stood in as a psychiatric hospital in the 2019 “Joker” movie.
But New York City officials envision the Army Terminal as a bustling campus full of entrepreneurs and researchers, any one of whom might invent the next high-capacity battery or develop a breakthrough climate modeling ...
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Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”