Can Chicago Become The Nation's Climate Innovation Capital? State, Local Leaders Want $1B To Find Out
Out with the Rust Belt, in with Green Belt — that is, if Illinois Gov. J.B. Pritzker and Chicago Mayor Brandon Johnson have their way.
The pair announced the formation of the Chicagoland Climate Investment Alliance on Thursday, a multiparty effort to support the commercialization of climate technologies and address climate challenges through technology and innovation.
The first order of business: submitting a $1B proposal entitled the Rust Belt to Green Belt Initiative to the Environmental Protection Agency's Clean Communities Investment Accelerator.
The accelerator is at the heart of President Joe Biden’s Inflation Reduction Act, which was signed into law in 2022 and provides tax credits to industries committed to transitioning to a greener economy, per Bloomberg.
"I'm fully committed to working with organizers and frontline communities that have shouldered the burden of pollution, climate change and environmental justice for far too long," Johnson said in a press release sent out in conjunction with Thursday’s announcement. "Now is the time for transformative change, and together, we'll build a more equitable city and region.”
The alliance is made up of a mix of public, private and civic entities, including World Business Chicago, Invenergy, ComEd, Nicor Gas, JLL, Wanxiang America, and the state and city governments. The founding members pledged $2M to jump-start the alliance.
The priorities of the alliance include creating an “interconnected climate innovation ecosystem,” funding local startups and making substantial climate investments, according to the release. The alliance will also work to get additional federal funding beyond the $1B grant.
“The landmark Chicagoland Climate Investment Alliance is another step forward that will propel our workforce, industries, and businesses toward an equitable, clean energy future,” Pritzker said. “As the heart of the Midwest and the nation, we will continue to lead the charge with bold actions rooted in the highest levels of ethics, equity, and consumer protections.”
.@ChicagosMayor Brandon Johnson kicks off the #ChiVentureSummit Future of Climate followed by Governor @JBPritzker announcing the new Chicagoland Climate Investment Alliance that @evergreen_inno will help launch pic.twitter.com/NtvbfnDUXX
— Paul Seidler (@mediumpauly) October 5, 2023
Illinois is pushing its chips in to establish itself as a clean energy leader. Last month, the state secured a $2B electric vehicle battery plant in one of its largest industrial deals in decades.
Chicagoland’s green economy raked in more than $18B last year, placing the region fifth behind New York, Houston, Los Angeles and Dallas in economic efforts to cut greenhouse gas emissions and promote sustainable development, according to a World Business Chicago research report also released Thursday and reported by Bloomberg.
