Dozens of companies, including many with $100 million in annual revenue, are renewing their call for modernization of the region’s transportation system.
Letters sent to many of the region's governors, signed by NH firms Stoneyfield, Worthen Industries, and Impax Asset Management, as well as Unilever and others, are asking for increased investment in critical transportation infrastructure, efficient and reliable public transportation, and the electrification of the transportation sector.
According to a statement, businesses and investors with operations throughout the Northeast and Mid-Atlantic states, are urging officials to prioritize policies and investments to create a clean, equitable and efficient transportation system. “Our system for moving people and goods throughout the region has a clear impact on business productivity and costs, and our region stands to benefit significantly from making investments today to modernize that system,” the statement reads.
“As an investor with long experience across the energy efficient transport sector, Impax is focused on the opportunities and risks businesses face every day,” says Ken Locklin, director at Impax Asset Management. “Improving clean public transportation options, installing electric vehicle infrastructure, and supporting the accelerated uptake of electric vehicles will help attract new investments to the region.”
In November 2017, Massachusetts, Connecticut, Vermont, Rhode Island, New York, Maryland, Delaware, and the District of Columbia publicly pledged to work together with stakeholders to develop a regional strategy to reduce transportation emissions. The governors of these states also invited stakeholders to provide comments on how to create a modern transportation system that benefits residents and business alike.
According to the statement, acollaborative, regional approach to transform the transportation sector and reduce transportation emissions presents a significant economic opportunity for the region. A proven model of a regional, market-based system to cut emissions already exists in the Regional Greenhouse Gas Initiative (RGGI). RGGI has helped cut emissions from power plants in the northeast by more than 40 percent, while driving $2.8 billion in regional economic growth and creating nearly 30,000 jobs.