Why this is a priority
Disruptions such as climate change, technological change and global pandemics have highlighted vulnerabilities in our regional and global economy and challenged the way we view our economic systems.
These disruptions and delivery of our climate goals have demonstrated the need for a more resilient economy that is regenerative, distributive, local and enables Aucklanders to thrive.
Businesses must plan for increasing climate and non-climate related disruption.
Identifying potential risks and hazards at both business and industry sector level is key to building
resilience.
Developing and implementing interventions, which include the transition away from
carbon intensive sectors and practices, can deliver long-term growth, skills, job creation and sustainability.
A regenerative economy
A regenerative economy underpinned by the ethic of
kaitiakitanga ensures that natural resources are extracted at a rate that they can be replenished.
Embedding these principles in our economy is increasingly important as we better understand the finite nature of our natural resources and the implications of exceeding our planetary boundaries.
According to research commissioned by the Sustainable Business Network in partnership with Auckland Tourism, Events and Economic Development (ATEED), Auckland’s economy could reduce
emissions by 2700 ktCO2e by 2030 across the food, transport and logistics, and construction sectors.
Up to $8.8 billion in additional economic activity could be freed up through innovative business models taking a circular economy approach.
Pursuing low carbon, resilient process and product innovations can create new forms of value, prompt new markets and support sustainable growth by reducing reliance on finite resources.
A distributive approach focuses on enabling all Aucklanders to thrive by:
- providing equal access to economic opportunities
- supporting Aucklanders into quality jobs with long-term security
- embracing alternative ownership models, such as co-operations and employee-owned companies.
Lessons learned from disruption
If we embrace disruptive innovation and new technologies, climate innovation in cities globally can target an additional 1.3 GtCO2e of
greenhouse gas reduction by 2030. This could lead to an emergence of new sectors that can provide secure and quality jobs to our growing region, leading to better social outcomes.
While the global economy was tested by COVID-19, we have seen society embracing the principles of sharing and distribution, and an increasing desire to buy local.
Exposed global
supply chains have accelerated the need to look inwards and invest in local suppliers, and reinforce economic structures that are vital to a more resilient, climate-proof economy.
How and where we work was also tested during the pandemic, balancing different ways of working and communicating in our own specific contexts at home and at work.
We may not need to or want to work remotely every day, but those who can do this two or three days a week could help lower congestion, reduce our transport emissions and create more pleasant urban environments.
Read about
roles and partnerships to deliver our actions and the
indicators that track our progress for the economy priority.
