Florida regulations hold climate change solutions | Column

Tackling the climate crisis doesn’t have to wait for the federal government to take action. Nationally, especially Florida, we should move our attention to the private sector for potential solutions.

It came back to me last week when I attended the Resilience 365 conference at the University of Miami and saw the technology pitch for startups. There are many innovations in the climate sector, and many products and solutions specifically targeting Florida. With artificial intelligence for ocean cleanup, floating wetlands to improve water quality, and by dealing with sea level rise with innovative coastal infrastructure, businesses are coming up with ways to address the impacts of climate change.

Of course, startups were looking for funds, but some also mentioned allowing regulations that hinder them. In many cases, such regulations are perfect at once and can be difficult to apply to emerging technologies, which slows down private sector solutions. Regulations such as permits may require a long process that new companies cannot afford or create barriers to bring products to market quickly.

“Most regulations harm innovation and find solutions to resolve the climate crisis,” said David Kelly, professor of economics at the University of Miami.

Certainly not all regulations are bad. For example, carbon taxes place prices on carbon emissions as a way to reduce environmental impacts. That regulation does not select winners or losers. Prices on carbon so that the market can accommodate it.

However, most regulations are not designed to promote innovation. They are directed at controlling it, with more requirements to hinder progress than protecting the market. “Regulators find it easy to monitor compliance when there is little way to follow,” Kelly, co-chair of UM’s Sustainable Business Research Cluster.

That makes sense from a regulatory standpoint. For example, if regulations require catalytic converters for every vehicle, you could likely face quick exclusion from the market, even if other options are good. It creates most incentives to innovate beyond what is already approved in the market.

Regulation changes are needed to enable the private sector to deal with climate change with innovative solutions. Government surveillance should act as a support system for businesses, and rather than slowing it down, it should act as a support system for businesses.

During the pandemic, the US has formed a public-private partnership with the National Institutes of Health to prioritize the development of Covid-19 vaccines. Under Warp Speed’s operations, the government was able to encourage private companies with $10 billion allocated for vaccine development. Less than a year later, the Covid-19 vaccine was brought to the market.

The rapidity of creating a Covid-19 vaccine is of course the result of private sector innovation combined with a massive infusion of taxpayer dollars, indicating that it is possible when businesses are motivated and regulations are removed. Clearly, the pandemic has been a very unusual situation, but there are lessons to learn when the power of innovation can be unleashed, especially in times of crisis.

I have long advocated a similar approach to the climate crisis. This does not necessarily mean government subsidies. This means reducing regulations when necessary.

“Adequate regulations such as permits and product safety approvals are designed to prevent environmental harm,” Kelly said. “But in many cases they may have gone too far. In today’s climate, they are slowing down their ability to deploy new technologies in the fight against climate change.”

The private sector could be a key driver of climate change solutions. Urgency is real. Florida has a special interest in this as the effects of climate change are felt throughout the state, but places like California and Texas also face serious climate challenges.

You don’t have to wait to clear federal law. With the reduction of extra regulations, enabling creative solutions, and the private sector leading the way, we may be able to achieve faster progress in the climate crisis.

Mary Anna Mancuso is a member of the Miami Herald Editorial Board. This opinion article was originally published by the Miami Herald and distributed by the Invasion Sea website (www.theinvadingsea.com). The site posts news and commentary on climate change and other environmental issues affecting Florida.