Renewables Company, Enel, Joins in to Tackle New York City’s Challenges Through a Circular Economy
Pyxera Global is proud to announce its partnership with the New York City Economic Development Corporation (NYCEDC) to launch the Reimagining Economic Growth in New York City Challenge (REG-NYC). REG-NYC will bring together teams of employees from leading companies who will collaborate on ways to revitalize New York City through establishing circular economic models. The competition will help to foster new jobs, support circular businesses and start-ups, and ensure that low-and-moderate income (LMI) communities are part of the conversation around economic development and circularity.
Leading US clean energy company, Enel North America, is the first organization to formally support funding the initiative. Through Enel’s advanced energy services business Enel X, the company will leverage its energy expertise and circularity enabling technologies to support the co-creation of solutions specifically aimed at advancing economic growth and zero emissions in New York City.
Energy is at the forefront of circular economy and will play a critical role in making our urban energy ecosystems more resilient, equitable and climate-ready. This challenge demonstrates a significant step forward in uniting collaborators from around the world to stimulate new economic opportunity and accelerate the transition towards a more sustainable and prosperous future for all.Surya Panditi, Head of Enel X (advanced energy services business of Enel), US & Canada
Participating corporate employees will collaborate to advance strategies that will economically empower New York City’s underserved communities and contribute to building a more circular, sustainable economy. The timing of the challenge and the stakes involved could not be more pressing. In the wake of COVID-19, New York City expects to face its most serious economic crisis in nearly 50 years. Estimates of up to a half-million lost jobs and a nearly $10 billion reduction in tax revenue are looming. The near-term outlook for the resurgence of the small business sector is grim, particularly in underserved communities.
“NYCEDC sees the potential of a circular economy—the New York City Circular Initiative outlined an opportunity for $11 billion in economic growth and 11,000 jobs—and know its advancement is also key to the City’s sustainability goals.” — Nicole Spina, Senior Project Manager and Circular Economy Strategist, NYCEDC
What is the Challenge and Who Is Involved?
Pyxera Global is partnering with NYCEDC, New York City’s primary entity for promoting and implementing economic development initiatives. Spanning industries and communities, NYCEDC’s projects have a common goal to build strong neighborhoods, create good-paying jobs, and ensure the city’s economy is dynamic, inclusive, and sustainable. NYCEDC also manages a variety of assets across the 5 boroughs. The solutions created through the Challenge will serve as a test case and will be lifted up by NYCEDC, Pyxera Global, and participating corporations for use in cities across the United States.
The Reimagining Economic Growth in New York City Challenge is part of the larger Reimagine Series launched by Pyxera Global last year. The Reimagine Series is a series of social impact challenges designed to find innovative solutions to longstanding societal concerns that have been made worse by the COVID-19 pandemic. Each challenge in the series brings together multiple corporate partners and at least one anchor partner to solve social, economic, and environmental problems in their fields, including systemic issues in major cities throughout the United States.
Why It Matters
In New York City, the COVID-19 crisis has been particularly felt by low-and-moderate income New Yorkers, particularly Black and Latinx populations, with little job security and financial independence who have, as a result, been more exposed to the virus. Circular cities are based on an innovative new model for creating cities that eliminate waste, keep goods in use, and regenerate natural systems, representing a transition from the traditional “take-make-waste” model of production toward one that is a closed-loop system, where waste is eliminated through smart design, reuse and reinvention.
The circular economy has the potential to create jobs in both existing and emerging sectors—strengthening the economic foundation of communities who have been profoundly impacted by COVID-19. The outcomes of this Challenge can lead to new business opportunities and revenue streams, create jobs, and reduce the negative environmental impacts of resource extraction and disposal.Deirdre White, CEO, Pyxera Global
Circular cities are based on an innovative new model for creating cities that eliminate waste, keep goods in use, and regenerate natural systems, representing a transition from the traditional “take-make-waste” model of production toward one that is a closed-loop system, where waste is eliminated through smart design, reuse and reinvention. Through investing in areas such as the creation or expansion of waste management, goods repair and restoration, Product-as-a-Service, and remanufacturing, thousands of new small businesses and jobs can be created across sectors, with implications for food, recycling, retail, transportation, and more. Through collaboration with NYCEDC and Pyxera Global, participating companies will contribute to the creation of innovative circular cities that create jobs and opportunities for the underserved.
How the Challenge Works
Through this challenge, corporate participants will think through the question of “How might New York City create economic benefits for low-and-moderate income New Yorkers and small businesses through the application of circular business models?” Participants may develop innovative technologies and processes to manage the transition to circular business models, the management of food, e-waste, or other types of waste streams, and to increase low-and-moderate income New Yorkers’ access to jobs, training, space, or products, through the application of circular solutions.
Details for REG-NYC are as follows:
- Pyxera Global will create a challenge with NYCEDC focused on enabling New York City to accelerate its transition to circular, post-COVID-19, economic recovery and lift up low-and moderate-income residents.
- Several teams made up of employees from different companies from varying sectors will compete to bring the most innovative solution forward to NYCEDC.
- A group of distinguished judges from NYCEDC, Pyxera Global, and Lead Sponsors will select the winning idea.
- NYCEDC will receive fifty percent of all proceeds raised to take action on this solution and make it a reality.