West Virginia has been working to refine economic development strategy, official tells lawmakers – WV MetroNews

West Virginia Economic Development Strategy Aligned with Sustainable Development Goals

Introduction

During the legislative interim meetings at Stonewall Resort State Park, Nick Preservati, Director of the West Virginia Office of Energy, addressed the Joint Committee on Government and Finance regarding the state’s economic development approach. The discussion emphasized aligning efforts with sustainable development principles to foster long-term economic growth.

Strategic Focus on Key Sectors

Preservati highlighted that the Morrisey administration is prioritizing a high success rate in economic development initiatives by concentrating on West Virginia’s core strengths. This approach supports several Sustainable Development Goals (SDGs), particularly:

• SDG 7: Affordable and Clean Energy
• SDG 9: Industry, Innovation, and Infrastructure
• SDG 8: Decent Work and Economic Growth

The administration is focusing on:

1. Energy
2. Manufacturing
3. Technology and advanced manufacturing

This targeted strategy aims to maximize economic impact by leveraging local resources and expertise.

Comprehensive Review and Integration

Following recent legislative actions, the Department of Economic Development will be integrated back into the state Department of Commerce as a division. This structural change is part of a comprehensive, top-to-bottom review of economic development efforts to ensure alignment with sustainable and inclusive growth objectives.

Economic Impact and Local Engagement

Preservati explained the concept of “touches” to the West Virginia economy, emphasizing projects that generate multiple economic benefits across sectors. This approach aligns with:

• SDG 12: Responsible Consumption and Production
• SDG 11: Sustainable Cities and Communities

For example, a fertilizer plant utilizing state natural gas and coal resources not only supports energy and manufacturing sectors but also benefits agriculture and local industries, creating a multiplier effect on the economy.

Communication and Collaboration with Local Authorities

Lawmakers expressed the need for timely approvals of investments and improved communication with local economic development authorities to facilitate project success. This reflects the commitment to:

• SDG 17: Partnerships for the Goals

Enhanced collaboration aims to streamline processes and foster inclusive economic development across communities.

Addressing Continuity and Strategy

House Finance Chairman Vernon Criss raised concerns about continuity from previous administrations and the involvement of ongoing projects. Preservati clarified that the current administration is not restarting efforts but ensuring that all projects are part of a cohesive, comprehensive strategy that serves West Virginia’s long-term interests.

This approach underscores the importance of:

• Strategic focus over reinvention
• Alignment with sustainable development principles

Conclusion

The West Virginia Office of Energy and the Department of Economic Development are realigning their strategies to promote sustainable economic growth by focusing on energy, manufacturing, and technology sectors. Through comprehensive reviews, strategic project selection, and enhanced collaboration with local authorities, the state aims to contribute meaningfully to the Sustainable Development Goals, ensuring inclusive and resilient economic development for its communities.

1. Sustainable Development Goals (SDGs) Addressed or Connected

1. SDG 8: Decent Work and Economic Growth
   • The article focuses on economic development, investment approvals, and enhancing the state’s economy through energy, manufacturing, and technology sectors.
2. SDG 9: Industry, Innovation, and Infrastructure
   • Emphasis on advanced manufacturing, technology, and energy sectors aligns with building resilient infrastructure and fostering innovation.
3. SDG 7: Affordable and Clean Energy
   • Focus on energy development, including natural gas and coal reserves, relates to energy production and management.
4. SDG 17: Partnerships for the Goals
   • Discussion about communication with local economic development authorities and a team approach indicates partnerships and collaboration.

2. Specific Targets Under Those SDGs

1. SDG 8 Targets
   • 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation.
   • 8.3: Promote development-oriented policies that support productive activities and decent job creation.
2. SDG 9 Targets
   • 9.2: Promote inclusive and sustainable industrialization and raise industry’s share of employment and GDP.
   • 9.5: Enhance scientific research, upgrade technological capabilities of industrial sectors.
3. SDG 7 Targets
   • 7.1: Ensure universal access to affordable, reliable, and modern energy services.
   • 7.2: Increase substantially the share of renewable energy in the global energy mix (implied through energy sector focus).
4. SDG 17 Targets
   • 17.17: Encourage and promote effective public, public-private and civil society partnerships.

3. Indicators Mentioned or Implied to Measure Progress

1. Investment Approval Timeliness
   • Lawmakers’ concern about timely approvals implies measuring the average time taken for investment approvals.
2. Economic Impact Multiplicity (“Touches”)
   • Number of economic “touches” a project has, such as use of local resources and distribution, to measure breadth of economic impact.
3. Focus on Key Sectors
   • Proportion of investments and projects in energy, manufacturing, and technology sectors as an indicator of strategic focus.
4. Collaboration and Communication Effectiveness
   • Quality and frequency of communication with local economic development authorities as a qualitative indicator.

4. Table of SDGs, Targets, and Indicators

Source: wvmetronews.com