- House Subcommittee on Oversight, Investigations, and Regulations holds hearing on impact of small businesses on climate change
- Issue opens up opportunities for small businesses, but also severe climate change also creates financial risks
- One speaker raises issue of easing financing for capital-intensive projects
Summary by Dirk Langeveld
Congress is exploring ways that small businesses can both prepare for the effects of climate change and contribute to efforts to mitigate it, with the House Subcommittee on Oversight, Investigations, and Regulations recently holding a hearing on these issues.
During the hearing, members of the subcommittee questioned small business owners and experts on the significant threats and opportunities that climate change poses to small firms. The hearing also addressed how the U.S. Small Business Administration can increase capital support to help small businesses adapt, innovate, and thrive during climate change.
- One key issue small businesses will face is resilience, as more frequent and powerful climate events like hurricanes and wildfires pose greater risks of property damage and business interruption
- Expert forecast predicts that climate change will cost the U.S. up to 10.5 percent of its GDP by 2100
- One speaker suggested the potential for renewing a past practice in which financing for capital-intensive projects can be spilt into two loans
- Committee members also highlighted the potential for small businesses to be active in renewable energy, both in adopting it to reduce expenses and creating new industries and jobs in the green energy sector