SALT LAKE CITY, Utah (October 12, 2022) – The Salt Lake City Chamber of Commerce, with support from the Kem C. Gardner Policy Institute and R&R Partners, has released a business vision for the state’s energy future. Utah’s business community envisions an energy future that harmonizes and balances environmental and economic progress to ensure an affordable, reliable and sustainable low-carbon energy future and position Utah at the center of the nation’s energy transition.
“A strong economy for future generations requires a strategic plan for today's energy and tomorrow's transition,” said Derek Miller, president and CEO of the Salt Lake Chamber of Commerce. “Utah has many advantages that help it lead the way, including a diverse energy portfolio, mineral assets, strong business and community leadership, an innovative entrepreneurial ecosystem and a culture of getting things done. The business community supports an energy future where environmental protection and economic development work together to ensure an affordable, reliable and sustainable low-carbon future.”
This vision distinguishes Utah from other states. In addition to being a model for the country's energy transition, Highlight the positive things that are moving us in the right direction, such as major renewable energy projects and investments in innovation.
Key findings include:
- Utah takes the leadUtah has unique energy advantages that help it lead the way in environmental, energy and economic progress.
- Utah's energy transition must balance affordability, reliability and sustainabilityManaging Utah’s growth will require environmental protection and economic development to work in harmony.
- Incentives take precedence over regulationsBusiness supports a market-driven, pragmatic energy transition, driven by incentives as well as government regulation.
“We appreciate the Chamber of Commerce and the Gardner Institute for Policy Studies bringing the business voice to the climate risk debate and Utah's energy future,” said Scott Anderson, president and CEO of Zions Bank. “Utahns have recently recognized that water conservation and air quality are among the most important issues facing our state. Government should not and cannot address these challenges alone. Business must get involved and take the lead on these important issues. As a Utah businessman, I believe the climate and energy transition is an economic opportunity that can benefit our economy, protect our environment, and keep us healthy. It's a win-win for everyone, and it should be. But there is an urgent need for collaboration between business, government, and private consumers based on risk, opportunity, and responsibility.”
Of particular interest are non-fuel mineral assets that are critical for a world rapidly transitioning to energy storage and electric vehicles. Six major energy projects, including nuclear and hydrogen, are poised to benefit the Beehive State over the next two decades, even as three coal-fired power plants close and major refineries operate at full capacity.
“It's essential that the business community is involved in the energy discussion,” said Steven Ridge, vice president and general manager of Western Gas Distribution for Dominion Energy. “Utahns are fortunate to have leaders in our state who are committed to advancing energy innovation, protecting the environment and driving economic development.”
The Business Vision is the product of 11 focus groups with students from the University, Utah legislators and business representatives from the agriculture and food, banking, energy and minerals, healthcare, hospitality and tourism, real estate and construction, technology and transportation sectors. Discussions in the focus groups were about how Utah's transitioning energy industry will impact various business sectors in Utah.
“Utah's energy future requires a multi-pronged approach that meets our environmental and economic needs,” said Thomas Holst, senior energy analyst at the Gardner Institute. “This report is a vital research step in bringing together business and community leaders to meet these needs, propelling the state to the forefront of ensuring an affordable and sustainable energy future for the United States.”
For more information, here.
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