Climate Action

Assistant Dean for Finance and Administration Joseph Grasso addressed 250 college and university presidents from across the nation on the financial implications of neutralizing campus greenhouse gas emissions.

At the Climate Leadership Summit in Chicago this summer for members of the American College & University Presidents' Climate Commitment, Grasso outlined Cornell's Climate Action Plan to achieve climate neutrality by 2050.

The plan addresses the recommendations of the United Nation's Intergovernmental Panel on Climate Change along with domestic standards set by the American Clean Energy and Security Act approved by Congress in June.

The legislation calls for an 83 percent cut in carbon pollution from large sources by 2050 and other compliance measures, such as 50 percent more energy efficiency for new buildings by 2016, he said.

Grasso, is chair of the National Association of College and University Business Officers' Committee on Sustainability and was involved in the development of Cornell's Climate Action Plan

Clean energy on campuses, Grasso said, "is moving from a voluntary goodwill mode to mandatory compliance – the landscape has changed."

Cornell emits 319,000 metric tons of carbon every year, although the new combined heat and power facility to come online this fall will reduce total carbon emissions by 20%. Proposed federal legislation, such as cap and trade, would assign a cost to the remaining carbon output which will cause Cornell to alter the way it purchases, uses and produces energy, he said.

The Cornell Climate Action Plan to be formally announced on Sept 15th includes many efforts to directly reduce emissions from the Ithaca campus. One idea that goes beyond the campus, still in the conceptual stage, is that Cornell would participate in a county-wide carbon offset program currently under development. Such a local offset program would fund projects around the community such as low-interest loans to home owners for improving home energy efficiency.  Grasso described similar carbon offset programs such as the state-wide Colorado Carbon Fund.

Grasso's presentation also addressed financing renewable energy projects on campus, assessing and measuring financial risk from new climate legislation and how colleges and universities will need to recognize new carbon-related costs and liabilities on their income statements and balance sheets.

Grasso also discussed how existing federal tax credit programs could be extended to non-profit organizations to accelerate the use of renewable energy sources.

More information about American College & University Presidents' Climate Commitment is available at www.presidentsclimatecommitment.org.