Secretary: Climate tech will feature in Healey economic development bill
Economic Development Bill to Focus on Climate Tech
The Healey administration is preparing an economic development bill for 2024, with a strong emphasis on technology related to climate change. Economic Development Secretary Yvonne Hao announced during a summit that the bill aims to position Massachusetts as a leader in fighting climate change while fostering economic growth in the climate tech industry. Drawing inspiration from the success of the life sciences sector, the administration plans to invest resources and adapt regulations to accelerate the formation of a climate tech cluster.
Legislature Prioritizes Economic Growth
House and Senate Democrats are expected to prioritize an omnibus bond bill focused on economic growth in 2024. The bill, which aligns with the Healey administration’s economic development plan, aims to stimulate the state’s economy and support key industries. However, the previous economic development package faced delays and did not deliver on promised tax cuts and reforms.
Challenges and Opportunities
While the administration works on future economic development strategies, the Legislature is still addressing unfinished business from the previous economic package. The development of the climate tech industry presents both challenges and opportunities. By leveraging existing resources, investing in the industry, and adapting regulations, Massachusetts aims to become a leader in economic growth around climate tech, similar to its success in the life sciences sector.