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The Detroit Regional Chamber of Commerce held their annual Mackinac Policy Conference from May 30 to June 2 on Mackinac Island. This year’s conference focused on “the Power of &” which created dialogue among speakers and participants on why Michigan should be focused on an “and” approach, opposed to an “either or” when it comes to policy solutions. This sparked healthy and productive conversations and showed that the “Power of &” can bring polarizing sides closer to a middle ground.
Keynote speaker, Brian Moynihan, CEO of Bank of America Corporation, discussed the transition to a cleaner energy future and supported capitalism, saying the “only hope” to accomplish sustainability and carbon-reduction goals is for businesses to bridge the gap that charities, government, and individuals can’t afford: "Capitalism isn't the only system that can do this; it's really the only hope to accomplish these things."
Moynihan praised the Inflation Reduction Act and the opportunities it brings to states like Michigan, such as funds to purchase electric buses and fast track permitting on new infrastructure construction.
Bank of America, with a net income of $26 billion in 2022, has committed $1 trillion for the energy transition over 10 years. Businesses will be encouraged, and frankly, pushed to move towards a clean energy economy, regardless of their stance on climate change, carbon reduction, or clean energy.
"We need to help the transition take place for our clients or customers," Moynihan said. "Can we improve how it's done? One hundred percent, but right now, we need it to survive. So, the idea is how do you have that but make progress? And that comes down to having plans and having commitments, and so, the net-zero commitment by countries, by businesses, by sectors, by states, cities and towns covers a large portion of the economy in the world, 95%."
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