As markets continue to react to the sudden failure of Silicon Valley Bank, climate startups are facing a more precarious future. According to some estimates, nearly half of new green energy companies received funding from the failed bank.
This has led some to make alarmist predictions, suggesting that these firms were essential to our environmental future and that their failure could jeopardize all progress on climate change. This panic is likely overblown.
In reality, the fight against climate change is unlikely to be won by one company producing a silver bullet. Rather, the most promising path forward requires us to employ a diverse toolkit and focus our action on the local level.
Too often, the debate around climate change is dominated by radical ideologues warning of imminent climate apocalypse. This hysteria tends to incline climate activists toward one-size-fits-all solutions such as the Green New Deal or the perfect private-sector solution.
In the case of tech startups, the impulse is correct; innovation and entrepreneurship are some of our best weapons in the fight against climate change. However, instead of searching for one solution that would solve the entire country’s energy problems, this creative energy could be better utilized devising myriad small-scale solutions that are locally focused.
For example, the Lower Energy Costs Act, recently introduced in the House, would reform the permitting process, making it easier for innovators to drive change. Additionally, it would allow us to produce cleaner energy in America, boosting our economy and reducing our dependence on dirty imports from Russia and China.
Although this legislation is not the end-all-be-all that many environmentalists are chasing in vain, it is an important step toward a brighter energy future.
Indiana’s congressional delegation has a long track record of leading on practical environmental solutions, which is a winning political strategy for engaging young voters.
This bill would be a great opportunity for Rep. Jim Banks to cement Indiana’s frontline role on this important issue by becoming a co-sponsor.
America’s climate problem is not going to be solved by a single new technology or a single act of Congress. Instead, it will be solved by leaders coming together to preserve their local communities. We’re a big country, and environmental solutions that work in Indiana are unlikely to be successful in California.
Luckily, much of this work is happening already. More and more people are realizing that climate change is a serious threat and are taking action on the local level in ways that often don’t make headlines but slowly nudge their communities to a more sustainable future. These efforts, from planting trees in local parks to working with local businesses to reduce their carbon emissions, if replicated across the country, could bring about a more sustainable energy future.
Although the failure of Silicon Valley Bank may hurt some good companies, it should not lead us to despair. Instead, this should remind us that we can’t wait around for someone else to solve our environmental problems. Instead, we should be thinking about ways we can make our local communities greener.
Josh Frey, a Huntington resident, is a fundraising professional and is a volunteer with ACC Action, a nonprofit organization building the conservative environmental movement.
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