Rhode Island Commerce Corporation -emergent Technology
Impact
The implementation of this bill is expected to significantly enhance the state's capability to innovate in the realm of climate solutions by funding projects that could yield substantial benefits to various sectors, including public health, environmental stewardship, and economic growth. By fostering collaborations that involve public-private partnerships, the bill encourages a wider participation in climate-related technology development, which could lead to local economic benefits and job creation.
Summary
House Bill 7923, titled 'Rhode Island Commerce Corporation - Emergent Technology', aims to establish a dedicated fund to support the development of emergent technologies that align with state efforts to combat climate change. Specifically, the bill introduces a financial mechanism wherein the Rhode Island Commerce Corporation will administer grants to tech developers focusing on innovations that assist in reducing emissions and enhancing the resilience of communities and infrastructure against climate impacts. The bill proposes an annual appropriation of one million dollars for a duration of ten consecutive years, starting in fiscal year 2023.
Contention
Despite its commendable goal of addressing climate change, HB 7923 may face scrutiny over the efficiency and effectiveness of the fund's administration. Critics may argue about the allocation of resources and whether one million dollars annually is sufficient to foster significant advancements in emergent technologies. Concerns might also arise regarding transparency in the grant allocation process and the long-term sustainability of such funding commitments, particularly if the projected outcomes do not materialize within the expected timelines.
Expands the duties of the small business ombudsman, by also having the ombudsman serve as the Rhode Island commerce corporation's small business advocate.