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Climate Action 15: 2024's top global innovators powering green solutions

<ul class="summary-list"><li>Nevada is facing skyrocketing housing costs.</li><li>Reno Mayor Hillary Schieve says city leaders should cut regulations that stymie construction.</li></ul>The mayor of Reno, Nevada, argues that the single best thing city leaders can do to help solve one of the country's worst housing shortages is to loosen regulations on housing construction.In recent years, Mayor Hillary Schieve has launched a multi-pronged approach to do just that."Sometimes government needs to get out of the way," she told Business Insider in a recent interview. There's no quick solution, said Schieve, who isn't a member of either major party and has made housing and homelessness a top priority.With the election approaching, Nevada voters <a target="_blank" class="" href="https://www.nytimes.com/2024/09/16/business/economy/nevada-economy-unemployment-election.html">cite the economy</a> as among their top concerns. Rising home prices and rents, which have hit the Sunbelt state particularly hard, are a big part of that. Since January 2017, home prices have risen 90% and rents are up 53% in Nevada, far outstripping national growth rates, Alex Horowitz, the director of Pew's housing-policy project, told Business Insider.<h2 id="401ef500-7df2-405a-b9eb-f7ead571dd5b">Greasing the wheels for housing</h2>Nevada had one of the highest rates of home foreclosures in the country after the 2008 financial crisis slammed <a target="_blank" class="" href="https://knpr.org/show/knprs-state-of-nevada/2018-09-10/its-been-a-decade-since-nevada-fell-into-an-economic-abyss">its tourism-reliant economy</a> and burst its severe housing bubble. In the years since, the state has leveraged low taxes and other business-friendly policies to attract major employers like Amazon, Apple, and Tesla. The new jobs have helped attract hundreds of thousands of new residents.The pandemic and the rise of remote work supercharged that trend. With an <a target="_blank" class="" href="https://www.reviewjournal.com/business/housing/how-many-californians-have-moved-to-nevada-since-2020-3032074/">influx of new residents</a>, demand for housing — and subsequently its cost — has soared. In Reno, the median price of a single-family home has increased <a target="_blank" class="" href="https://www.washoecounty.gov/assessor/real_property/SalesHistoryChart.php">more than 40% since 2019</a>.As mayor, Schieve has celebrated the new jobs and the growth of arts and culture in Reno and its surroundings. But she's also concerned with the housing shortage and <a target="_blank" class="" href="https://www.rgj.com/story/news/local/2024/05/07/homeless-population-washoe-county/73605507007/">rising homelessness</a>. When it comes to boosting affordable housing, she pointed to cutting red tape and making building easier, including by loosening zoning laws and burdensome environmental regulations.Under Schieve, Reno has loosened some of its regulations by allowing for more density, reducing parking requirements, and cutting fees. Since 2019, the city says it has waived $11 million in sewer hookup fees and $700,00 in building permit fees to help bring more than 2,000 units of affordable housing to the market.Through a program called "1,000 homes in 120 days," the city deferred sewer and permit fees for five years for market-rate housing construction, which the city says helped create more than 500 new homes between its implementation in late 2019 and earlier this year.Schieve, the former chairwoman of the US Conference of Mayors, said Reno's rules regarding affordable housing construction are relatively lenient. However, she argued that some county and state regulations slow down home building, inflating costs and deterring new construction.She took particular issue with county health department regulations that impose lengthy review processes. "Most developers are borrowing money," she said. "So time is money." Schieve's chief of staff noted that swimming pool construction, including in housing developments and hotels, "takes an incredible amount of time and an incredible amount of money" to get approved by the department.Reno has also made some progress on emergency and transitional housing. Schieve received <a target="_blank" class="" href="https://www.wsj.com/us-news/reno-nevada-homelessness-solution-674cee2d">national attention</a> for reducing the number of unhoused people living on Reno's streets by nearly 60% between 2022 and 2023. The reduction was largely due to the construction of a Nevada Cares Campus, an emergency shelter that can house up to 600 people in sleeping pods and a large tent.<h2 id="b9ff010c-649b-4677-a22b-3b02162f6584">Nevada's housing issues take center stage in the presidential election</h2>President Joe Biden has visited Nevada multiple times <a target="_blank" class="" href="https://nevadacurrent.com/2024/03/19/in-las-vegas-campaign-stop-biden-details-plans-to-make-housing-more-affordable/">to talk about housing</a>, and his administration's policies have <a target="_blank" class="" href="https://mynews4.com/news/local/reno-receiving-35-million-in-federal-funds-to-tackle-affordable-housing-and-homelessness">helped bolster</a> the state's housing efforts.Schieve called the housing funding Reno received through the 2021 American Rescue Plan a "godsend." And she praised the Biden administration for being accessible and responsive to her city's housing needs. "We can pick up the phone and I can call my HUD secretary, I can call someone at the White House," Schieve said. The acting HUD secretary, Adrianne Todman, has visited Reno twice in the last year.Former President Donald Trump's campaign has also emphasized housing issues in Nevada, focusing largely on its proposal to deport millions of immigrants to free up housing. "We've got to build more houses and we've got to deport the illegal aliens so that American homes go to American citizens," vice presidential candidate JD Vance <a target="_blank" class="" href="https://www.youtube.com/watch?v=9pPCCh_t4h8">told a crowd in Las Vegas in October</a>.Schieve dismissed this proposal. "We've got to be realistic about how we approach housing," she said. "That's not going to solve anything."There are aspects of housing policy that Trump and Vice President Kamala Harris appear to agree on, including <a target="_blank" class="" href="https://www.businessinsider.com/homes-free-government-land-real-estate-housing-prices-harris-trump-2024-8">opening up federal land for additional homes</a>. Nevada has become a focus of this particular solution as 85% of the state's land area is owned by the federal government.Schieve says the issue of opening up government-owned land is complex. It depends on factors like the cost of new infrastructure, including roads and water hookups, the expansion of services like law enforcement, and environmental concerns. She supports restricting home construction in environmentally fragile areas, including wetlands and flood-prone regions.In general, she wants to see cities like Reno invest in rebuilding their urban cores and boosting density rather than sprawl."There's still a lot of blight," she said. "There's still a lot of work for cities to build up and not out."

A Nevada mayor is battling one of the worst housing shortages in the US. Her solution: looser construction regulation.

<ul class="summary-list"><li>Cities and counties are voting on property and sales tax hikes to fund childcare.</li><li>Other localities already have similar laws in place, with Alaska taxing marijuana sales to fund early childhood programs.</li></ul>Cities and counties across the US are coming up with ways to make <a target="_blank" class="" href="https://www.businessinsider.com/childcare-costs-presidential-election-scenarios-parents-paid-leave-harris-trump-2024-10">childcare</a> more affordable — and many are turning to <a target="_blank" class="" href="https://www.businessinsider.com/tax-cut-tariff-plan-outlook-presidential-election-scenarios-harris-trump-2024-10">taxes</a>.Three localities are voting to increase taxes to boost childcare funding for low-income and middle-class families.Voters in Sonoma County, California, are deciding whether impose a quarter-cent sales taxes to pay for childcare and early childhood education, as well as resources for children experiencing homelessness or abuse.Residents of Travis County, Texas — which includes Austin — will decide on increasing property taxes by 2.5-cents to broaden access to childcare for low-income families.A similar measure in St. Paul, Minnesota, would also hike property taxes to fund citywide childcare initiatives for low-income families.Using tax revenue to fund childcare isn't a new idea. Local taxes <a target="_blank" href="https://www.edweek.org/leadership/property-taxes-fuel-k-12-budgets-how-well-does-that-work/2022/11">already fund K-12 education</a> in most states — a solution that works for public schools, but can leave early childhood education programs underfunded. Here's what some cities, counties, and states are already taxing to fund childcare.<h2 id="bc6f6fc8-4184-4147-8e7a-ca0eda41d38a">Cities are looking at tax solutions to fund childcare</h2>Some cities have already tried allocating tax revenue to care for infants, toddlers, and preschoolers. In 2022, New Orleans voters backed a property tax increase to fund more than 1,000 childcare seats for low-income families. Because of the referendum, <a target="_blank" href="https://www.nola.com/news/politics/new-orleans-voters-back-early-childhood-education-millage-in-single-issue-vote/article_c792ae0c-c730-11ec-ba3f-272ffa6e0774.html">New Orleans' childcare budget </a>increased to $21 million from $3 million annually for 20 years.Whatcom County, Washington also approved a property tax increase in 2022, which boosted funding by <a target="_blank" href="https://childrensfundingproject.org/wp-content/uploads/Whatcom-campaign-case-study_FINAL.pdf">$10 million</a> for childcare and young families' mental health in the county's annual budget. Other areas have taken the sales tax approach, similar to Sonoma County's ballot measure: Anchorage, Alaska approved in 2023 a marijuana sales tax to fund early childhood programs.Colorado has a policy that allows taxpayers who donate to qualifying child care facilities and programs to claim an income tax credit equal to 50% of their contribution.To be sure, local tax revenue cannot replace funding for America's whole childcare system. St. Paul Council Member Rebecca Noecker said that local policies can complement larger state-level and <a target="_blank" href="https://www.whitehouse.gov/cea/written-materials/2023/11/07/child-care-stabilization/">federal funding pools.</a>Win or lose, Noecker said childcare-related ballot measures raise awareness about childcare access."Now people in St. Paul are talking about childcare in a way that they never were before," she said.

Higher taxes for cheaper childcare? 3 localities are voting on it and we want to hear from you.

<ul class="summary-list"><li>Ray Dalio is again promoting the idea that China urgently needs to start a "beautiful deleveraging."</li><li>The country is sitting on massive debt levels, and it's making businesses and people hold on to cash.</li></ul>Billionaire investor Ray Dalio thinks China can save its economy through two major debt policies, though that would require big changes to how China has operated for years.However, the Bridgewater Associates founder said that if China does not enact them soon, the country risks suffering as Japan did in its "Lost Decade."In a <a target="_blank" class="" href="https://www.linkedin.com/pulse/beautiful-deleveraging-chinese-characteristics-ray-dalio-d7aue/">LinkedIn post</a> on Tuesday, Dalio wrote of what he called a "beautiful deleveraging," or an aggressive, two-pronged approach to solving debt issues.Dalio wrote that Chinese leader Xi Jinping's unprecedented stimulus sparked a "big week" for economic optimism, but <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-stimulus-package-push-wont-reverse-property-market-crisis-2024-9">it won't be enough.</a>If China wants its big week to go down in the history books as a turning point to success, then Beijing has to "do what it takes, which will require a lot more than what was announced," Dalio said.<h2 id="f440ebfe-deeb-4a3e-8f28-b8a289a8a655">What's a "beautiful deleveraging?"</h2>The concept isn't new for Dalio, whose company runs the biggest foreign hedge fund in China. He coined "beautiful deleveraging" after the 2008 crisis.According to him, the first move involves a country restructuring bad debts to free up beleaguered borrowers from their loan commitments.They'll have to be spread out over time in a "balanced way" to avoid leaving debtors out to dry and prevent a sudden shock to the economy, Dalio wrote.The billionaire added that China should simultaneously lower interest rates to encourage fresh loans.The interest rate cuts would ideally be so drastic that they run below inflation and nominal growth rates, Dalio wrote.If the government can't implement that policy, it could monetize debt instead while weakening China's currency to lighten the burden, he added.These measures essentially aim to do two things: Give China's struggling borrowers — of which there are now many — some breathing room to grow their businesses while encouraging them to borrow more and take risks."This beautiful deleveraging can only be done in countries that have most of their bad debts denominated in their own currencies and have most of the debtors and creditors as their own citizens, which is the case for China," wrote Dalio.<h2 id="bb0a4d86-4a6d-427c-91f9-b9b0ea1cd2d1">Why China's massive debt is seizing up its economy</h2>China's economy has been slammed by swelling debt levels after years of businesses and local governments gobbling up loans on lax interest rates, only for many to later find themselves overleveraged.The country's debt-to-GDP ratio is nearly a whopping <a target="_blank" class="" href="https://www.iefweb.org/publicacio_odf/chinas-debt-problem-how-worrisome-and-how-to-deal-with-it__trashed/">three times as high</a> as it was 10 years ago, and that's been fueling a snowballing pessimism in the country as major sectors like <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-outlook-real-estate-property-banks-crisis-debt-default-2024-1">real estate buckle under the weight of their lending payments.</a>And because of it, many businesses and people have been holding on to their cash and not spending, thereby stalling the economy.Dalio believes a "beautiful deleveraging" would help the country climb out of that rut, largely by making it so that holding cash in the bank would be one of the most unattractive options in China."Doing these things starts to rekindle 'bottom fishing' and 'animal spirits.' We are clearly seeing that happen now," he wrote.<h2 id="8eda9b5a-1df9-477d-baad-1c9633754ce4">Major 'painful' changes needed</h2>Still, Dalio warned that his "beautiful leveraging" would cause Beijing to face "difficult and painful changes."A debt restructuring would fundamentally reshape how years of previous loans in China are now handled and could badly hit many people's wealth, especially if they lose out on the new terms, Dalio wrote."Imagine the situation of a perfectly good company that lent to the local government and/or is dependent on local government spending facing the current situation," Dalio wrote. "Who should do what in what amounts to deal with this situation?"Dalio also urged major reform for China's tax system, saying it has been "highly ineffective at the national, provincial, and local government levels" and making it difficult for regional governments to stay out of the red.And he warned of China's rapidly aging population, calling a recent move to <a target="_blank" class="" href="https://www.businessinsider.com/china-retirement-age-50-guarantee-raised-pension-backlash-2024-7">raise the retirement age</a> a "minor change in policy." The decision was already deeply unpopular and rewrote a decadeslong standard that retirement was possible at 50.Yet Dalio emphasized that China is at a crossroads. If Beijing doesn't start a "beautiful deleveraging," he said, it risks allowing its crisis to drag on and create an "economic and psychological malaise like Japan experienced."China's debt crisis is just one of <a target="_blank" class="" href="https://www.businessinsider.com/ray-dalio-china-commentary-economic-geopolitical-macro-outlook-climate-storm-2024-3">five challenges</a> that Dalio believes the country faces in a coming "100-year storm." The others include the climate crisis, the US-China tech war, its souring ties with Washington, and growing wealth inequality.The investor has long styled himself as bullish on China, but regularly speaks out on fiscal decisions the country should make to avoid catastrophe.

Billionaire investor Ray Dalio has a solution for China, but it'll need Beijing to radically remake its own rules

<ul class="summary-list"><li>Sen. JD Vance's hawkish immigration stance is also part of his answer to the housing affordability crisis.</li><li>Vance recently tweeted that deporting 20 million immigrants would bring down housing costs. </li></ul>Ohio Sen. JD Vance, former President Donald Trump's VP pick, has made his hawkish views on immigration central to his <a target="_blank" class="" href="https://www.washingtonpost.com/magazine/2022/01/04/jd-vance-hillbilly-elegy-radicalization/">transformed political persona</a>.He was once skeptical of Trump's <a target="_blank" class="" href="https://www.cnn.com/2024/05/14/business/immigration-trump-inflation-jobs/index.html">stances on immigration</a> and its impact on the economy. "I don't think if you build a great Mexican wall, all of a sudden, all of these steel mill jobs are going to come back to southern Ohio, but it at least gives people something to latch onto," Vance <a target="_blank" class="" href="https://www.youtube.com/watch?v=oqT6Gs5fi4E">said in September 2016</a>.But shortly thereafter, Trump <a target="_blank" class="" href="https://www.businessinsider.com/polls-wrong-trump-clinton-why-2016-11">beat the odds</a> and won the 2016 election. Since then, Vance has radically changed his tune. Now, he even cites Trump's campaign promise to <a target="_blank" class="" href="https://time.com/6972022/donald-trump-transcript-2024-election/">deport between 15 and 20 million</a> people as a way to address the nation's <a target="_blank" class="" href="https://www.jchs.harvard.edu/state-nations-housing-2024">housing affordability crisis</a>.In a tweet responding to the <a target="_blank" class="" href="https://x.com/JamesSurowiecki/status/1802692324587114714">allegation</a> that conservatives have few plans to address rising housing costs, Vance argued that cracking down on immigration would go a long way."Not having 20 million illegal aliens who need to be housed (often at public expense) will absolutely make housing more affordable for American citizens," <a target="_blank" class="" href="https://x.com/JDVance1/status/1802733427659080123?lang=en">Vance wrote on X in June</a>.The Trump campaign agrees. A campaign press secretary <a target="_blank" rel=" nofollow" href="https://www.npr.org/2024/06/24/nx-s1-5015224/price-cost-election-housing-rent-voters-biden-trump">recently told NPR</a> the "unstainable invasion of illegal aliens " is "driving up housing costs."In the past, Vance has also blamed the housing affordability crisis largely on high interest rates. "The thing about the affordable housing crisis is, it is fundamentally a function of higher rents, higher mortgage payments, which are dependent on interest rates," he <a target="_blank" class="" href="https://www.businessinsider.com/whats-in-debt-ceiling-bill-republicans-cut-housing-aid-2023-5">told this reporter last year</a>.But many <a target="_blank" class="" href="https://www.wsj.com/economy/economists-say-inflation-would-be-worse-under-trump-than-biden-263bc900">economists say</a> inflation and interest rates would likely be higher under a future Trump administration than under Biden, as deporting millions of people and restricting new immigration would actually increase prices by reducing the labor force.A major wave of deportations could even threaten efforts to increase the housing supply. The country is facing <a target="_blank" class="" href="https://www.businessinsider.com/housing-crisis-national-shortage-construction-workers-job-demand-2024-5">a damaging construction worker shortage</a>, and immigrants make up a <a target="_blank" class="" href="https://www.cnn.com/2024/03/21/business/construction-industry-needs-immigrant-workers/index.html">disproportionate portion</a> of these workers.On top of that, Trump's <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariff-plan-inflation-policy-impact-trade-war-china-rates-2024-5">promised tariffs</a>, particularly on Chinese imports, and <a target="_blank" class="" href="https://www.nytimes.com/2024/06/13/us/politics/trump-corporate-tax-rate.html">major tax cuts</a> that would deepen the federal deficit would likely force the Fed to keep interest rates high, economists say.The sharp uptick in home prices and rents in recent years is in large part a result of a severe shortage of housing <a target="_blank" class="" href="https://www.epi.org/blog/the-growing-housing-supply-shortage-has-created-a-housing-affordability-crisis/">years in the making</a>. In the aftermath of the 2008 financial crisis and the housing market crash, the construction of new homes plummeted and hasn't kept pace with demand.Further, restrictive land-use policies, including single-family zoning that dominates American communities, are a huge part of why more — and denser — housing isn't getting built.<h2 id="ccdaf7f7-d851-4a2d-a518-aeac98c71ddf">The Trump-Vance housing policy record</h2>Trump hasn't talked much about housing policy on the campaign trail, despite arguing that Biden hasn't done enough to control housing costs.As president, Trump's <a target="_blank" rel=" nofollow" href="https://www.housingfinance.com/policy-legislation/trump-plan-slashes-hud-budget-by-6-2-billion_o">proposed budgets</a> included significant cuts to the Department of Housing and Urban Development. His proposed 2021 budget asked Congress to cut housing assistance and community development aid — including shrinking the housing voucher program and slashing funds for public housing — by about 15%, not factoring in inflation, <a target="_blank" rel=" nofollow" href="https://www.cbpp.org/blog/budget-exposes-trump-administrations-empty-rhetoric-on-homelessness-fair-housing">according to</a> the Center on Budget and Policy Priorities.Vance has also supported GOP efforts to drastically cut funding for HUD, which provides most federal housing assistance. "A large share of the HUD budget, I think, actually could be cut," he told BI last year.In office, Trump <a target="_blank" rel=" nofollow" href="https://www.nytimes.com/2020/07/23/us/politics/trump-housing-discrimination-suburbs.html">rolled back</a> certain fair housing protections, including imposing a higher bar for proving housing discrimination and eliminating an Obama-era rule designed to reduce racial segregation.Trump doesn't support upzoning to legalize denser housing construction in low-density neighborhoods — a key part of the solution to the housing supply shortage, according to experts. He claimed Biden wanted to <a target="_blank" class="" href="https://x.com/atrupar/status/1789441972224008477?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1789441972224008477%7Ctwgr%5E5184ed85e2dfa03341d546097c0d58a10bc43e93%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fiframe.nbcnews.com%2FYRI0p0i%3F_showcaption%3Dtrueapp%3D1">"abolish" the suburbs</a> by encouraging more affordable housing construction.

JD Vance says deporting 20 million people is part of the solution to high housing costs

<ul class="summary-list"><li>Data centers and large commercial buildings waste a lot of heat.</li><li>The utility Con Edison plans to capture the heat to help power underground thermal energy networks.</li></ul>Less than a block from the bustling Chelsea Market on the west side of Manhattan, data centers hum 24 hours a day in a nondescript building.All that computing power generates an enormous amount of heat, which has to be removed to keep the equipment cool and prevent outages. That heat becomes wasted energy when it's vented out the roof.All that computing power generates an enormous amount of heat, which has to be removed to keep the equipment cool and prevent outages. That heat becomes wasted energy when it's vented out the roof.The utility Con Edison wants to capture the heat and pipe it to a nearby affordable-housing complex, in a system known as a thermal energy network. A closed-loop network of water pipes and electric heat pumps circulates energy through buildings, creating an efficient heating and cooling system that avoids burning fossil fuels in residents' homes.The pilot could be one of three that ConEd builds in and around New York City to test a cleaner way of delivering energy to customers. The proposals are in the design phase and likely won't be fully approved by regulators until late 2025, Gregory Koumoullos, ConEd's department manager of thermal energy networks, said. But the intention is to eventually scale the networks to help New York achieve its climate goals, because burning fossil fuels in buildings accounts for 32% of the state's greenhouse-gas emissions — the largest single source.The pilot could be one of three that ConEd builds in and around New York City to test a cleaner way of delivering energy to customers. The proposals are in the design phase and likely won't be fully approved by regulators until late 2025, Gregory Koumoullos, ConEd's department manager of thermal energy networks, said. But the intention is to scale up the networks to help New York achieve its climate goals, because burning fossil fuels in buildings accounts for 32% of the state's greenhouse-gas emissions — the largest single source.If the pilots go well, they could prove a business model for other gas utilities to follow to decarbonize entire neighborhoods, and potentially lower energy bills along the way."These pilots are just the first phase," Koumoullos said. "The larger the network you have, the lower the cost is because you can connect more customers with less infrastructure and they are sharing more waste heat. Thermal networks really bloom at a larger scale."The technology isn't new. But ConEd is among the first utilities in the country to propose thermal energy networks after New York enacted a law two years ago requiring the utility to try it. Six other states, including Colorado and Massachusetts, have enacted similar laws either allowing or mandating pilots. Gas utilities have legal mandates to sell gas, so states have to pass laws allowing them to expand into new systems.In Framingham, Massachusetts, the utility Eversource is leading the way. The utility already connected dozens of residential and commercial buildings to a geothermal network for a two-year pilot, <a target="_blank" href="https://www.wbur.org/news/2024/03/08/networked-geothermal-eversource-framingham-pilot-project-decarbonization">WBUR reported</a>. The project involved drilling boreholes hundreds of feet below ground, where the temperature is usually a constant 55 degrees Fahrenheit. Water pipes are connected to ground-source electric heat pumps in buildings, which exchange and push energy around the system.ConEd is proposing its own geothermal network for Mount Vernon, a suburban neighborhood north of New York City where up to 76 buildings, including homes, apartment complexes, churches, and fire stations, could be hooked up. But drilling boreholes isn't always feasible in densely packed cities, which is why capturing waste heat from data centers and other buildings is being tested. Rockefeller Center in NYC is the other proposed site.<h2 id="7f12dc53-e013-48cb-ae17-f381e823311d">High upfront costs, but long-term benefits</h2>Retrofitting buildings and laying new pipes is expensive. The estimated price tag of all three pilots combined is $255 million, which would be spread across ConEd's customer base, Koumoullos said. For those participating in the pilots, ConEd would guarantee that energy costs won't go up during a 5-year test period. The utility is also looking at tax breaks under the Inflation Reduction Act to offset the cost to customers. ConEd would use the pilots to find out the actual costs of building thermal energy systems and test different ways to charge customers.The high up-front costs are a barrier to wider adoption. But climate advocates point out that an increasing amount of money is also being spent on replacing old gas lines every year. Between 2011 and 2022, gas utilities' capital expenditures on distribution infrastructure tripled from $7 billion a year to nearly $21 billion, according to a report by HEET, <a target="_blank" href="https://assets-global.website-files.com/649aeb5aaa8188e00cea66bb/663a27270c0fa4fffcfe447d_Leaked-and-Combusted-May-2024.pdf">a climate-solutions nonprofit</a> that spearheaded the push for thermal energy networks.Whether utility-scale projects can recoup the upfront costs in energy savings remains to be seen. That was the case at Colorado Mesa University, which built a geothermal network in 2008. Kent Marsh, the university's vice president for capital planning sustainability and campus operations, said switching to geothermal saved $1.5 million a year. The system paid for itself within about 11 years.Morgan Hood, the manager of new product development at Vermont Gas, told Business Insider that some utilities are looking for new business models. Vermont Gas aims to be net zero by 2050, so is considering community geothermal as a way to get there. Hood helped launch the Utility Networked Geothermal Collaborative, which now includes 27 gas utilities in North America that serve about half the customers in the US, so they can keep tabs on pilot projects and share information."All eyes are on New York, in large part because it will show how these systems can be regulated within a utility environment," she said.

How New York City's data centers and Rockefeller Center could help power a climate solution.

<keyword id="19945815" type="General" weightage="20" keywordseo="startups" source="keywords">Startups</keyword> in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> have high expectations from this year's upcoming <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword>. Early-age startups hope for the removal of angel taxes, while <keyword id="20677283" type="General" weightage="20" keywordseo="health-tech-startups" source="keywords">health tech startups</keyword> expect increased <keyword id="19913964" type="General" weightage="20" keywordseo="funding" source="keywords">funding</keyword> for the sector. Startups function as engines of economic growth, playing a crucial role in generating new jobs, ideas, products, and services. As of December 2023, the Department for Promotion of Industry and Internal Trade (DPIIT) had recognised 1,17,254 startups. These startups have reportedly created over 12.42 lakh direct jobs, significantly impacting the economy. Eklavya Gupta, CEO and Co-founder of Recur Club, stated, "We are confident that India's business credit landscape is on the brink of a major digital overhaul. FinTechs are at the forefront of this change, deploying innovative technologies and utilising in-depth data analytics to streamline and expand <keyword id="20974354" type="General" weightage="20" keywordseo="credit-access" source="keywords">credit access</keyword>." He added, "While the current allocation of Rs 10,000 crore is an excellent initial step, realising the full capabilities of India's SME and startup ecosystem will necessitate greater investment, especially in credit guarantee schemes." Vinod K Singh, Co-Founder and CTO of Concirrus, expressed his expectations from the budget: "As the Union Budget 2024-25 approaches, we hope the government will address the pressing issue of the 'angel tax.' Eliminating this tax will enhance capital formation and attract vital <keyword id="19895633" type="General" weightage="20" keywordseo="investments" source="keywords">investments</keyword>. Streamlining the duty structure and reducing high tariffs on electronic inputs are also crucial to bolstering the startup ecosystem and driving innovation. Expanding the Fund of Funds and introducing low-interest loans would be beneficial." Rajiv Lamba, co-founder and CEO of AI-enabled customer feedback platform Surveysensum, added, "Just as the government has prioritised financial inclusion, it should now focus on <keyword id="22405441" type="General" weightage="20" keywordseo="technological-inclusion" source="keywords">technological inclusion</keyword> to propel India to the next stage of growth. By training youth in AI, the government can make a strategic investment in the nation's technological future. Given the rapidly evolving job market, a substantial increase of 20 to 25 percent in budget allocation should be considered for AI-based skill development and entrepreneurship." He further emphasised, "Incentivizing investment in <keyword id="20328842" type="General" weightage="20" keywordseo="AI-startups" source="keywords">AI startups</keyword> and R&amp;D initiatives can boost local innovation in the AI space. The last budget introduced a deep tech fund of Rs 1 lakh crore with a 50-year interest-free loan period; the government should now establish a clear and transparent mechanism for access to this fund." Raja S, founder and MD of Hearzap, highlighted the expectations of health tech startups: "Health tech startups are eagerly anticipating increased funding that could usher in transformative advancements. This crucial investment holds the promise of extending cutting-edge healthcare solutions to rural and underserved areas, effectively bridging existing gaps in care. The upcoming budget ensures that every individual in our diverse population, from the youngest to the oldest, can access essential health services, including specialised care." Discussing taxation for startups in India, Vvihan Gulati, Director of Mediagraphics PR, commented, "Removing the angel tax is a highly anticipated move that would benefit early-stage startups and their investors. It would foster a more favourable environment for innovation and growth, allowing startups to attract much-needed capital without the burden of excessive taxation. This change could significantly enhance the ease of doing business and contribute to the overall growth of the startup ecosystem in India." The Union Budget 2024 will be tabled on July 23 by Union Finance Minister Nirmala Sitharaman. With this, she will become the first Finance Minister to deliver seven consecutive budgets, surpassing Morarji Desai. She presented the interim budget on February 1 of this year.

Startups demand angel tax elimination, incentives on investments in upcoming budget

<ul class="summary-list"><li>Jamie Dimon cited the "Buffett rule" as a good idea for clamping down on US debt, he told PBS.</li><li>The rule says million-dollar households should not pay a lower share of their income than middle-class families.</li></ul>JPMorgan CEO Jamie Dimon has put forward a solution to unrestrained US debt: tax the rich at the same rate as middle-class people, or higher.The bank executive told <a target="_blank" href="https://www.youtube.com/watch?v=PNhtUHdndQ0">PBS News Hour</a> that the country can clamp down on runaway borrowing without completely eliminating spending. In fact, Dimon expects that reducing the debt while still investing in the right initiatives is "doable.""I would spend the money that helps make it a better country, so some of this is infrastructure, Earned Income Tax credits, military. I would have a competitive national tax system, and then I would maximize growth," he said.Dimon continued: "And then you'll have a little bit of a deficit, and you would maybe just raise taxes a little bit — like the 'Warren Buffett' type of rule, I would do that."This <a target="_blank" href="https://www.businessinsider.com/the-buffett-rule-2012-4#:~:text=The%20Buffett%20Rule%20is%20the,than%20middle%2Dclass%20families%20pay.">rule</a> posits that no household making above $1 million a year should pay taxes on a lower share of their income than middle-class earners. The principle earned its name from billionaire investor Warren Buffett, who famously criticized the fact his secretary paid a higher tax rate than he did.Calls for wealthier Americans to pay higher taxes have grown louder in the past year as economists search for answers to the <a target="_blank" href="https://www.youtube.com/watch?v=76S3iMfcZE8">federal government's skyrocketing debt</a>.Anxiety has grown as the government's debt pile has <a target="_blank" href="https://markets.businessinsider.com/news/bonds/us-national-debt-economy-record-trillion-funding-republicans-democrats-recession-2024-1?_gl=1*3xpn7c*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyMzczNzUxMS40OTQuMS4xNzIzNzQwMDQ4LjI3LjAuMA..">ballooned</a> to a record <a target="_blank" href="https://fiscaldata.treasury.gov/americas-finance-guide/national-debt/#:~:text=What%20is%20the%20national%20debt,accumulated%20over%20the%20nation's%20history.&amp;text=Updated%20daily%20from%20the%20Debt%20to%20the%20Penny%20dataset.">$35 trillion.</a> The Congressional Budget Office projects that it will likely make up <a target="_blank" href="https://www.businessinsider.com/us-debt-outlook-56-trillion-cbo-government-budget-deficit-gdp-2024-6">6% of US GDP by this year's end</a>, far outpacing than the 50-year average of 3.7%.If debt remains unchecked amid today's interest rate highs, the government will face higher borrowing costs. Some warn that this might <a target="_blank" href="https://markets.businessinsider.com/news/bonds/bill-gross-us-debt-crisis-deficit-inflation-federal-reserve-default-2024-2#:~:text=The%20US'%20%2434%20trillion%20debt,Bond%20King%20Bill%20Gross%20says?utm_medium=ingest&amp;utm_source=markets">compound debt levels</a>, and <a target="_blank" href="https://markets.businessinsider.com/news/bonds/us-debt-crisis-gdp-ratio-unsustainable-default-treasury-bond-crash-2023-10">US could eventually spiral into a default</a>.Otherwise, higher borrowing costs mean that Washington will have less to spend on social initiatives. According to a recent report from the <a target="_blank" class="" href="https://www.pgpf.org/analysis/2024/08/higher-interest-rates-will-raise-interest-costs-on-the-national-debt">Peter G. Peterson Foundation</a>, by 2054, interest payments on the debt will triple Washington's historical spending on research and development, infrastructure, and education.Dimon has been among Wall Street's most consistent voices to raise the alarm, <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-jpmorgan-inflation-consumer-spending-interest-rates-government-debt-2024-5">frequently citing</a> that runaway borrowing will only amplify inflation and interest rate pressures through the coming decade.Not everyone shares Dimon's optimism that tax hikes alone can solve this problem. Though commentators have pushed for <a target="_blank" href="https://www.businessinsider.com/us-debt-crisis-deficits-spending-solutions-tax-consequences-inflation-interest-2024-1?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*1wthk0s*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyMzczNzUxMS40OTQuMS4xNzIzNzQwMDI1LjUwLjAuMA..">tax hike proposals</a> that embrace all income levels, others also urge both Democrats and Republicans to consider spending cuts, as well.However, speaking with PBS, Dimon emphasized that the US should continue to spend money that helps maintain its economic strength and creates a more equitable income environment.

Jamie Dimon says the 'Buffett rule' approach to taxing the wealthy could solve America's debt problem

<ul class="summary-list"><li>Many older Americans with fixed incomes are struggling with rising housing costs.</li><li>A retiree in Missoula, Montana, has found a way to downsize by building an ADU in her son's backyard.</li></ul>When Sylvia and her husband found out they were welcoming their first grandchild in 2018, the retired couple decided they would move from Arizona to live near their son and daughter-in-law <a target="_blank" class="" href="https://www.businessinsider.com/top-10-states-people-are-moving-to-montana-vermont-idaho-2023-10">in Missoula, Montana</a>.In early 2019, they relocated to a four-bedroom house around the corner from their then-one-year-old grandson.But over the last couple of years, Sylvia, who was a city government administrative assistant in California before she retired, has felt <a target="_blank" class="" href="https://www.businessinsider.com/home-prices-montana-retired-boomer-homeowners-losing-houses-insurance-taxes-2024-7">financially stressed</a>. Her husband got sick a couple of years after the couple moved to Montana, and he died in 2022.While her house is paid off, her home-related costs, including insurance, property taxes, and maintenance, have risen. In 2019, her home insurance cost about $890, but last year, according to her record-keeping, she paid almost $1,500. She's also felt squeezed by general inflation, including rising grocery costs. Plus, the 3,000-square-foot house is just too big for her."Owning my home is going to drive me to the poor house," said Sylvia, who's 71 and requested her last name be omitted to protect her privacy.But last year, her son and daughter-in-law came to her with an idea: she could build and relocate to an accessory dwelling unit — a small detached home — in their backyard. The ADU would likely cost less to build than it would to buy another home in the neighborhood, they reasoned. And it would allow Sylvia to live in a smaller, accessible home very close to family as she grows older.Sylvia talked with her other two kids, and they all agreed it was a good idea. So they found an architect and a contractor, and Sylvia signed a contract to pay $274,000 for the construction, according to documents viewed by BI. The 600-square-foot one-bedroom home will have a vaulted ceiling, a big front porch, and a back deck. It'll be painted to match her son's house."It's going to be real pretty," Sylvia said. "I'm hoping it's the last place I live."She's planning to pay for the ADU in cash, and the contractors are on track to complete it by December.Sylvia plans to sell her current house, which she and her husband bought for $315,000 in 2019. According to documents viewed by BI, since <a target="_blank" class="" href="https://www.businessinsider.com/trump-supporting-republican-montana-governor-yimby-housing-policies-lowering-rent-2024-3">home prices</a> have soared across Montana, the home is now valued at $718,000.ADUs — often called "granny flats" or "casitas" — are a particularly useful form of housing for older people who want to downsize into a smaller, more accessible home and also want to be close to family. Increasingly, cities and states across the country are <a target="_blank" class="" href="https://www.businessinsider.com/yimbys-winning-lower-house-prices-rents-build-more-homes-neighborhoods-2023-9">legalizing</a> and even <a target="_blank" class="" href="https://www.businessinsider.com/new-york-city-funding-adu-tiny-homehousing-shortage-2023-11">incentivizing</a> ADU construction as a way to boost the supply of smaller, more affordable homes."This was the most viable option for me," Sylvia said. "I don't think I would be able to buy a home for $274,000."<div type="image" title="A rendering of an ADU being constructed in Missoula, Montana." height="483" width="668" msid="111780733" hostid="261"></div><h2 id="b5831c72-600f-47b0-a865-ecceda5008bd">ADUs as a solution for cash-strapped older people</h2>Sylvia's ADU might not have been legal in Missoula until about a decade ago — and it still isn't legal in many American residential neighborhoods. Even in states that encourage tiny home construction, local anti-development groups and policymakers often <a target="_blank" class="" href="https://www.businessinsider.com/malibu-suing-homeowners-california-supreme-court-backyard-tiny-home-adu-2024-3">make it all but impossible to build</a> a backyard ADU.The western Montana city first took action to encourage the construction of <a target="_blank" class="" href="https://www.montanarightnow.com/news/missoula-to-adopt-adu-ordinance/article_8720276d-95b8-56cd-82e8-991fd0fcaeed.html">ADUs in 2013</a> and further <a target="_blank" class="" href="https://missoulacurrent.com/regulations-adu-rules/">loosened restrictions</a> in 2020 after just 30 ADUs had reportedly been built in the city. As part of broader zoning code reforms, the <a target="_blank" class="" href="https://missoulian.com/news/local/government-politics/missoula-city-coding-john-engen-zoning-mobile-homes/article_41ddb802-eb04-11ee-a8d9-6f8d560ce1d6.html">city council this year agreed</a> to increase the allowable size of ADUs and liberalize a few other rules.The state government has also pushed for more of these homes as part of its broader housing reform effort aimed at boosting supply. Last year, the Montana state legislature passed a bipartisan law requiring all cities and towns to allow the construction of ADUs on single-family lots. But before the law went into effect in January, <a target="_blank" class="" href="https://www.ktvh.com/news/judge-puts-hold-on-montana-zoning-related-laws">a judge temporarily blocked the measure</a>, along with several other pro-housing laws. The court sided with an organization of Montana homeowners who argued denser housing would alter the character of their neighborhoods. The state appealed the decision to the state supreme court earlier this year.<div type="image" title="The foundation for an accessory dwelling unit in Missoula, Montana." height="713" width="1279" msid="111780735" hostid="261"></div>This comes as older people, including homeowners, are struggling with rising housing costs in communities across the country. Insurance costs have risen dramatically all over — a result of both increasingly severe climate issues, including flooding and fires, and the elevated cost of home construction and repairs. Nationally, home insurance premiums rose by an average of 21% between May 2022 and May 2023, <a target="_blank" rel=" nofollow" href="https://www.policygenius.com/homeowners-insurance/home-insurance-pricing-report-2023/#:~:text=Homeowners%20insurance%20premiums%20in%20the,active%20policies%20quoted%20for%20renewal.">Policygenius</a> found. Home repairs are also more costly these days, with a <a target="_blank" rel="" href="https://www.businessinsider.com/housing-crisis-national-shortage-construction-workers-job-demand-2024-5">shortage of construction workers</a> and the <a target="_blank" rel=" nofollow" href="https://www.constructiondive.com/news/falling-material-prices-expected-reverse-course/651744/">elevated cost of materials</a>.The portion of homeowners 55 and older who are cost-burdened — or spend more than 30% of their income on housing and utilities — rose from 30% in 2001 to 45% in 2022, a new report from the <a target="_blank" rel="" href="https://www.jchs.harvard.edu/sites/default/files/reports/files/Harvard_JCHS_The_State_of_the_Nations_Housing_2024.pdf">Harvard Joint Center for Housing Studies</a> on the state of US housing found.In Montana, a severe housing shortage has caused home prices to soar. But property taxes and insurance costs are also way up, making it hard for many homeowners to afford their payments."Elderly and disabled people are struggling really, really hard," Beverly Dashnaw, a HUD-certified housing counselor in Helena, <a target="_blank" class="" href="https://www.businessinsider.com/home-prices-montana-retired-boomer-homeowners-losing-houses-insurance-taxes-2024-7">recently told BI</a>. "The cost of living, inflation is going up for everything, and their income doesn't go up."Sylvia is lucky she can cash in on the rise in her home's market value without having to buy another home in an impossible market with high interest rates. And Missoula has proven to be a good place to age, she says. If she can't drive, she can take the <a target="_blank" class="" href="https://mountainline.com/sustainability/zero-fare/#:~:text=Mountain%20Line%20operates%20a%20zero,have%20to%20pay%20to%20ride.">city's free buses</a> to the library, where she volunteers each week, and to the pickleball courts, where she plays regularly."This is a small town, I love it," she said. "It's easy to get around, and I know my way around."Are you a homeowner struggling with rising insurance premiums or other costs? Reach out to this reporter at <a target="_blank" href="mailto:erelman@businessinsider.com">erelman@businessinsider.com</a>.

How a Montana retiree will save on spiking home insurance and taxes by living in a type of housing that's illegal in many places

<ul class="summary-list"><li>Countries are exploring innovative strategies to combat declining birth rates.</li><li>Cash incentives, medals, and even car subsidies are among the measures being adopted.</li></ul>As <a target="_blank" href="https://www.businessinsider.com/world-faces-a-low-fertility-future-hit-global-economy-report-2024-3">fertility rates decline across much of the world</a>, countries are exploring innovative strategies to encourage women to have more babies.Several demography experts told Business Insider that these involved lump sums of money, gold medals, and even tax breaks.But none will be enough to solve the problem alone, they said.<h2 id="c639d815-9fff-43bc-b7e5-dfb3191bbb61">Baby bonuses</h2>Several countries have introduced so-called <a target="_blank" href="https://www.businessinsider.com/what-are-baby-bonds-money-at-birth-pressley-booker-treasury-2023-3">baby bonuses</a> to combat declining fertility rates.During the COVID-19 pandemic, Singapore offered one-time payments, and the "<a target="_blank" href="https://www.madeforfamilies.gov.sg/support-measures/raising-your-child/financial-support/baby-bonus-scheme">Baby Bonus Scheme</a>" continues to provide cash incentives for Singaporean couples having children.South Korea, which has the world's lowest fertility rate, runs an <a target="_blank" href="https://www.businessinsider.com/new-parents-south-korea-seoul-750-per-month-population-declines-2024-2">allowance system</a> that gives parents with <a target="_blank" rel=" nofollow" href="https://www.mohw.go.kr/board.es?mid=a10503000000&amp;bid=0027&amp;act=view&amp;list_no=1479667&amp;tag=&amp;nPage=1">a newborn $750 a month</a> until their baby turns 1 year old.According to Bloomberg, the country is even considering <a target="_blank" href="https://www.bloomberg.com/opinion/articles/2024-05-15/south-korea-fertility-crisis-could-public-subsidies-solve-it?embedded-checkout=true">a proposal to pay families about $70,000</a> to have children.Local Chinese governments, meanwhile, offer <a target="_blank" href="https://www.globaltimes.cn/page/202405/1312184.shtml#:~:text=Several%20regions%20across%20China%20have,associated%20with%20raising%20a%20family.">one-time subsidies, often worth thousands of dollars</a>, to encourage parents to have two or more children.However, experts say that financial incentives alone are not a long-term solution.Sarah Harper, a professor of gerontology and the director of the Oxford Institute of Population Ageing, told BI that cash incentives encouraged a "mini baby boom, followed by a baby crash."She added: "Those women who would have spread their childbearing across several years all go at the same time to get the cash bonus, and then there is a lull in childbearing."<h2 id="409e6f62-d8f9-48de-87b5-cf1eb6507b03">Gold medals, tax breaks, and car subsidies</h2>Other financial incentives include Kazakhstan's prize system for mothers with many children, inspired by the "mother heroine" honorary title from the Soviet era.<a target="_blank" href="https://www.bbc.co.uk/reel/video/p07r9zg7/the-country-where-mothers-win-medals-for-having-more-kids">BBC WorkLife reported</a> that mothers in the country received silver medals for six children, gold medals for seven or more, and a financial allowance for the rest of their lives.In 2022, Russian President Vladimir Putin <a target="_blank" href="https://www.cnbc.com/2022/08/18/russia-offers-mother-heroine-medal-and-16800-for-having-10-children.html">introduced a similar program</a>, offering a title and a lump sum of about $17,000 to Russian citizens with 10 or more children.Hungarian Prime Minister Viktor Orbán has also focused on boosting the fertility rate with financial perks.<div type="image" title="Hungarian Prime Minister Viktor Orbán gives a speech on a stage during Budapest's 2021 Demographic Summit." height="683" width="1024" msid="110972133" hostid="261"></div>Women in Hungary who <a target="_blank" href="https://www.businessinsider.com/hungary-income-tax-new-moms-encourage-women-children-birth-rates-2023-1">become mothers under 30</a> or have four or more children receive <a target="_blank" href="https://apnews.com/general-news-fa782634d725431390c3251f1b5e352a">a lifelong exemption from paying personal income tax</a>.Meanwhile, Hungarian families with three or more children receive subsidies for purchasing seven-seater cars, <a target="_blank" href="https://apnews.com/general-news-fa782634d725431390c3251f1b5e352a">The Associated Press reported</a>, and parents get <a target="_blank" href="https://kurier.plus/en/node/4692">loan deductions</a> on their homes based on the number of children they have.Trent MacNamara, a Texas A&amp;M professor whose work has focused on fertility rates, told BI that the impact of financial incentives on fertility rates was uncertain and might lead to only modest gains."For example, if a government transferred new parents about 5% of the costs of raising a child, we could expect a roughly 5% bump in fertility," he said.<h2 id="000c163b-b206-427d-be40-dc514c5124a6">Generous leave and flexible working conditions</h2>Financial incentives often have an underlying assumption that the cost of parenting is the main reason behind declining fertility rates.However, Poh Lin Tan, an assistant professor at the National University of Singapore, told BI that "an amalgam of factors" pushes people to have fewer children.In Singapore, these factors include people spending more time in education, changes to traditional family dynamics, and the conflict between building a family and a career, she said.In 2023, Singapore attempted to address some underlying factors by <a target="_blank" href="https://muse.insider.com/story/66630b82b38735ca9de564c0#:~:text=https%3A//www.pinsentmasons.com/out%2Dlaw/news/singapore%2Dlaunches%2Dfamily%2Dsupportive%2Dpolicies%2Dand%2Dcost%2Dof%2Dliving%2Dmeasures">doubling paid paternity leave</a> to four weeks and increasing unpaid infant-care leave from six to 12 days annually for a child's first two years.Scandinavian countries have gone even further.Norway <a target="_blank" href="https://ec.europa.eu/social/main.jsp?catId=1123&amp;intPageId=4704&amp;langId=en#:~:text=The%20parental%20benefit%20period%20is,same%20way%20as%20sickness%20benefit.">provides 49 weeks of parental leave with full pay</a>, Finland offers <a target="_blank" href="https://www.infofinland.fi/en/work-and-enterprise/during-employment/holidays-and-leaves">seven months to each parent</a>, and Sweden provides <a target="_blank" href="https://sweden.se/work-business/working-in-sweden/work-life-balance#:~:text=The%20Swedish%20parental%20insurance%20entitles,reserved%20exclusively%20for%20him%2Fher.">240 days per parent of leave</a>.But Philip N. Cohen, a family demographer at the University of Maryland, told BI that these policies often have unintended effects.He said that in some circumstances, parents don't end up having more kids; instead, they use generous leave provisions like paid time off and universal childcare to space out having fewer children so they benefit more.<h2 id="39089702-3112-4090-af8f-84a12976b236">Subsidized fertility treatments and vasectomy reversals</h2>Cohen said that other strategies to increase fertility rates included countries like Israel offering free or <a target="_blank" href="https://www.businessinsider.com/work-starbucks-for-the-ivf-benefits-take-home-zero-dollars-2022-2">heavily subsidized in vitro fertilization</a>.According to the <a target="_blank" href="https://www.aeaweb.org/research/ivf-marriage-market-israel">American Economic Association</a>, this may have also had an unintended consequence — leading Jewish Israeli women to delay getting married and having kids.<div type="image" title="IVF process close-up" height="1414" width="2121" msid="110971986" hostid="261"></div>Hungary also offers free IVF as part of its pronatalist policies, and Singapore and Japan offer significant subsidies.However, a <a target="_blank" href="https://www.imf.org/en/Publications/fandd/issues/2020/03/lessons-from-singapore-on-raising-fertility-rates-tan">2020 essay</a> by Tan said the Japanese example showed that reproductive technologies were not a panacea for low fertility rates.Japan has the world's highest percentage of babies born through IVF, yet it has <a target="_blank" href="https://www.businessinsider.com/tokyo-government-launching-dating-app-marriage-rates-population-decline-japan-2024-6#:~:text=On%20Wednesday%2C%20data%20released%20by,the%20numbers%20are%20even%20worse.">one of the lowest fertility rates</a>, she said.South Korea also covers the costs of various reproductive-technology treatments, such as egg freezing.More recently, Seoul's government made headlines with a proposal <a target="_blank" href="https://www.businessinsider.com/south-korea-pay-reverse-vasectomy-tubal-ligation-birth-rates-low-2024-5#:~:text=Business%20Insider's%20Matthew%20Loh%20reported,to%20address%20ailing%20birth%20rates.">offering up to $730 each to 100 people to reverse their vasectomies</a> or untie their tubes.<h2 id="7fc3cc7f-e4d0-49a8-9874-6ad137873e35">No magic bullet</h2>Experts agreed that there's no easy solution to the fertility crisis."No government has discovered a policy that produces sustained bumps in fertility," MacNamara told BI, adding: "Plenty of bright people in wealthy countries have spent decades trying to figure this out without evident success."He said that young people increasingly saw small families as the norm, which is a "really tough cycle to break."Even if a "magic formula" were to be discovered, he added, it would need to be implemented carefully to avoid then promoting unsustainable population growth."Rapid growth would make it harder to scale back our present overconsumption of resources, including fossil fuels," he said.

Falling birth rates are freaking countries out and spawning dubious fixes like tax breaks, cheaper cars, and free surgery

<ul class="summary-list"><li>Chronic economic stress increases risks of child maltreatment and neglect.</li><li>Financial support to low-income families could lower child abuse rates, doctors found.</li></ul>Cities that offer financial support to low-income families could see a decline in child abuse rates, researchers say.<a target="_blank" href="https://www.sciencedirect.com/science/article/abs/pii/S1538544223002031?via%3Dihub">The study</a> — published in January by doctors at Children's Hospital of Philadelphia's PolicyLab — suggests that programs like <a target="_blank" href="https://www.businessinsider.com/san-antonio-ubi-guaranteed-basic-income-housing-finances-austin-rent-2024-3">guaranteed basic income</a> and tax credits limit instances of child abuse and neglect.If a family experiences chronic economic stress, it amplifies the risk a child will be mistreated, the study found. Each year, nearly <a target="_blank" href="https://www.ncsl.org/human-services/policy-levers-for-preventing-child-maltreatment">four million referrals</a> are made to the US child welfare system, and low-income families are <a target="_blank" href="https://www.cbpp.org/research/income-security/research-reinforces-providing-cash-to-families-in-poverty-reduces-risk-of#_ftn18">at least three times more likely</a> to be referred.Black families are also referred to the child welfare system <a target="_blank" href="https://www.nber.org/digest/202310/racial-disparities-foster-care-placement">at almost twice the rate</a> of white families at similar risk levels. Welfare referrals can stem from suspected physical harm of a child, sexual abuse of a child, or situations where a child isn't given basic necessities.The study looked at the financial factors behind these welfare referrals, including income levels, housing security, and access to benefit programs.And, researchers found that alleviating economic stress for families tangibly improves child safety."It's a space where there's a lot of opportunity for advocacy to help keep kids safe in a way that we had not thought about a couple of decades ago," Dr. Sabrina Darwiche, a coauthor on the study, told Business Insider.<h2>Economic stress creates risk factors for abuse</h2>Darwiche is a pediatrician at the Children's Hospital of Philadelphia and specializes in cases of child abuse. She said poverty is a factor behind many cases of abuse and neglect.For example, she said child hospitalizations for severe head trauma spiked <a target="_blank" href="https://www.reuters.com/article/us-abuse-economy/child-abuse-climbed-with-recession-study-idUSTRE78J0JU20110920/">during the 2008 financial crisis</a>.Even so, the <a target="_blank" href="https://americanspcc.org/child-maltreatment-statistics/">majority of welfare reports</a> come from suspected neglect, not physical abuse.Families in poverty risk being reported for child neglect even when abuse isn't present, Darwiche said. Neglect reports are often caused by a child not receiving adequate childcare, food, housing, or hygiene.If a family is referred to child welfare, parents could lose custody. But Darwiche said the welfare system in America is not built to support families in poverty."It's really like a vicious cycle that can lead to a lot of intergenerational trauma and intergenerational economic stress," she said.<h2>Financial safety nets could reduce child neglect</h2>Darwiche called income support a prevention strategy for child abuse. This can include <a target="_blank" href="https://www.businessinsider.com/snap-food-stamps-reduce-racial-disparities-in-food-insecurity-study-2023-6">SNAP benefits</a>, <a target="_blank" href="https://www.businessinsider.com/affordable-housing-solutions-billions-unused-covid-aid-treasury-department-2024-3">affordable housing</a>, Medicaid, and cash transfers.She said financial assistance programs alleviate stress that could lead to violence and maltreatment toward a child. It also gives parents the safety net they need to leave unsafe living situations and afford basic necessities for themselves and their families."That's why these different economic and social welfare programs are so exciting because they are an opportunity to prevent those situations in the first place," Darwiche said, referring to cash transfers — which allow families to spend money where they need it most. Most other social services limit spending to specific categories.BI has reported that guaranteed basic income can help low-income families secure housing and pay for groceries. Cities like San Antonio, Austin, and <a target="_blank" href="https://www.businessinsider.com/denver-basic-income-project-ubi-extended-homelessness-poverty-2024-1">Denver</a> have piloted GBI, despite <a target="_blank" href="https://www.businessinsider.com/guaranteed-basic-income-ban-ubi-arizona-texas-houston-homelessness-poverty-2024-2">political opposition</a>.Basic income offers low-income individuals no-strings cash payments for a set period of time. Program participants — who typically live below the federal poverty line — receive between $100 and $1,000 a month for one to three years. Participants have reported using the money to <a target="_blank" href="https://www.businessinsider.com/guaranteed-basic-income-san-antonio-texas-woman-afford-food-housing-2024-4">afford food and rent</a>, pay off debt, and <a target="_blank" href="https://www.businessinsider.com/san-antonio-ubi-guaranteed-basic-income-pay-housing-expenses-work-2024-3">buy school supplies</a> for their children.<a target="_blank" href="https://www.businessinsider.com/enhanced-child-tax-credit-parents-passes-house-business-tax-relief-2024-1">Child tax credits</a>, similarly, allow some families to rise out of poverty by offering ongoing financial relief to adults with dependents. Some families also qualify for <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-earned-income-credit">earned income tax credits</a> or <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-01-22/new-tax-deal-includes-boost-for-affordable-housing">housing credits</a>.Additionally, the pandemic prompted the Biden Administration to allocate funding through the <a target="_blank" href="https://www.businessinsider.com/bidens-big-stimulus-bill-helps-pay-pensions-2-years-later-2022-12">2021 American Rescue Plan Act</a>, also known as ARPA. The funds are often distributed via stimulus checks, <a target="_blank" href="https://www.businessinsider.com/guaranteed-basic-income-monthly-payments-housing-boston-suburb-somerville-massachusetts-2024-4">basic-income programs</a>, or to local governments.<h2>"A bundle" of economic policies can make children safer</h2>Another coauthor of the study, Dr. Zoe Bouchelle, is a pediatrician at Denver Health and does research through the Children's Hospital of Philadelphia's PolicyLab. She told BI that reducing child maltreatment requires "a bundle" of economic solutions.She identified cash and housing assistance programs, <a target="_blank" href="https://www.businessinsider.com/high-childcare-costs-in-us-women-workforce-cheapest-countries-kids-2024-2">affordable childcare</a>, tax credits, and <a target="_blank" href="https://www.businessinsider.com/bidens-state-of-the-union-abortion-access-prescription-drug-cost-2024-3?utm_source=linkedin&amp;utm_campaign=insider-sf&amp;utm_medium=social">Medicaid expansions</a> as policies that can improve child safety."Thinking about other avenues that help support families with these poverty-related needs other than the child welfare system is incredibly important, and — quite frankly — urgent," she said.Still, Bouchelle said it's important to qualify the findings: the Children's Hospital study is based on information from existing income support or tax programs and nationally recorded child welfare data. It isn't based on the results of a single financial assistance program or a randomized trial."There's sort of a constellation of research that everybody has done, and it's building a compelling argument that (economic support) is making kids safer," Darwiche said.

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