With an additional one million people estimated to move to New York City by 2030, the city faces numerous sustainability challenges. New York City has addressed and responded to these challenges since 2007 through the creation and implementation of a sustainability plan titled PlaNYC. Although over 97% of the initiatives of the original PlaNYC were launched within one year of its release, there have been many setbacks and delays largely as a result of a lack of public financing for the initiatives. Three major issues this paper focuses on include energy/climate change, waste management and transportation. This paper argues that if New York City wants to meet its sustainability objectives it urgently needs the help of private sector capital. To date, the private sector has been hesitant to invest their capital for reasons including short-termism, lack of value definition, and real and/or perceived risk. In the review of how other domestic and international cities have addressed similar financing issues, it was concluded that public-private partnerships are a successful method to mobilize sustainable development. Case studies profiled in this paper, along with their applicability to New York City include Boulder, Colorado, Berlin, San Francisco, Amsterdam, Chicago, and London. In conclusion, the sustainability initiatives that need to be implemented in NYC envisage a strong role for the private sector as long as they are innovative and flexible in order to support and seize this opportunity. In return NYC needs to offer the regulatory support to both potential and existing investors. In addition, the city government, and the role of responsible leadership through the mayor, has the ability for decisive action in exercising their influence on regulations and incentives that support sustainable development.
Keywords: Cities, congestion pricing, energy, energy partnerships, financial incentives, financial institutions, infrastructure, investment, lending, mayors, multi-family housing, New York City, policy, private sector, public-private partnerships, responsible leadership, risk, short-termism, sustainable development, taxes, transportation, value definition, waste management
|School:||The American University of Paris (France)|
|Department:||Cross-Cultural and Sustainable Business Management|
|Source:||MAI 56/02M(E), Masters Abstracts International|
|Subjects:||Sustainability, Urban planning|
|Keywords:||New York City, Public-private partnerships, Sustainable development|
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