CHARLOTTE - In the late 1700s, the South Carolina low country was the leading provider of rice to the world, and the wealthiest region in the United States. Globalization of world rice markets in the mid-1800s marked the region's economic decline. Steep tariffs did little to help. Today, South Carolina is building its economy for the future. It is not, however, doing it with rice.

Likewise, in North Carolina our challenge is to transform our business models and industries, using our resources to create a better future, not defend a nostalgic past. We must use our collective energy to determine what our state's core competitive advantages are -- business climate, education, transportation, natural resources or others -- and invest in those advantages to drive economic growth.

We have made progress, but our record is mixed. Our interstate corridors, large cities and college towns are doing well. Rural North Carolina is making slower progress. Newer industries such as biotech, software and finance are growing rapidly. Older industries such as textiles and furniture are searching for new business models that will enable them to thrive in the global economy.

The state to date has done a tremendous job anticipating economic change and investing in industries of the future. Research Triangle Park, for example, was founded in 1959 and has grown from four companies with 500 employees in 1960 to 157 organizations today, employing almost 40,000 people with a total payroll of $2.7 billion.

But there is one fast-growing industry we have not focused on with as much energy: environmental sustainability. Climate change -- and the search for new technologies that can mitigate carbon production -- will be a major driver of economic change in the coming decades. Some states have what it will take to lead the investment in new industries, technology, innovation and jobs to improve the global environment. Why not North Carolina?

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I read a news story the other day about a retired government official (from another country) who is demanding that nations give up the alien technology they've recovered from UFO crashes that might help us solve our energy problems.

Our company is taking a different approach. We have announced a $20 billion initiative to support the growth of environmentally sustainable business activity to address global climate change through lending, investing, philanthropy and the creation of new products and services. In charting this path, it is important that lenders, customers, business partners and public leaders remain committed to supporting today's industries and businesses as they adapt to changes in the economy, even as we seek out new partners in emerging industries.

Pursuing emerging green industries is one thing -- but not the only thing -- business leaders, public officials and others can do. Indeed, the future will hold many opportunities, and every one of us plays a role in seizing those opportunities.

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Government leaders need to encourage economic development and innovation. Educators need to focus on training students for the intellectual, technical and occupational challenges of the global economy. Other organizations, from labor unions to nonprofits, must look to the future as well and resist the temptation to hold onto business models or economic paradigms of the past.

Of course, none of these areas is my bailiwick. I am in business and am most interested in what the business community can do.

* First, leaders of businesses large and small must think about how to tap into global resources in ways that benefit local economies. The scope of our search for new and innovative ideas must be global.

* Second, businesses must engage the global networks, relationships and resources in our own communities. People from all over the world have brought to our state a wealth of knowledge and ideas. They will help us chart a path toward a shared future.

* Third, business leaders must focus on the success of the entire state. Our challenge is to discover, create and act on opportunities to expand economic opportunities throughout North Carolina.

* Finally, we need to think every day about how our businesses could be disrupted by economic change or, more happily, what opportunities globalization creates for industries across the state.

North Carolina today has abundant resources, talented citizens and a strong foundation of fast-growing, progressive industries. We have a clear headstart on much of the competition. And yet we cannot be complacent. Achieving our economic goals will require that we use the competitive advantages of our state to advance economic growth. It will require that we pursue emerging economic opportunities that will define our world in the decades to come.

Most important, it will require the leadership of the business community demonstrating through our actions that we can bend the forces of globalization to the advantage of our state and our citizens.

(Milton Jones is Finance Services Executive at Bank of America in Charlotte. This article is adapted from remarks delivered before the State Chamber of Commerce on March 14.)