Greentech - Trends Analysis 2023
June 30, 2023 | Supreeya S
Greentech refers to technologies that address our impact on the environment. Greentech is often used synonymously with cleantech and climate tech, and although the three term has its differences, they carry a similar mission of dealing with present and future environmental impact. Greentech is used as an umbrella term for cleantech and climate tech.
Below is a summary of the four main trends for the greentech market.
Energy
Forecasts show that a third of the world’s electricity will come from renewable energy by the end of 2023 due to the rising cost of fossil fuels coupled with the falling cost of renewable energy sources. The Ukraine – Russia war also accelerated many economies to turn towards renewable energies to help them build energy security and independence in the medium and long-term.
However, as the world population continues to grow, the demand and consumption for energy also grows. Consequently, the focus will be on energy efficiency (the usage of less energy for the same tasks) to reduce energy demand.
Furthermore, the focus on energy storage will be key in making sure that renewable energies are consistently dependable even through periods of low energy generation, such as with solar energy. There are existing technologies that allow for renewable energy storage, however, more advancements will be continuously explored to find ways to increase efficiency and reduce costs.
Sustainable automation is one of the ways some industries are balancing resource or energy usage without compromising on product or quality. Sustainable automation is helping to conserve resources and reduce our reliance on harmful energy sources, such as through solar-powered robots, wind-powered factories, and industrial automation of recycling and reusing.
Carbon & Circular Resource Management
Regulators are continuously introducing policies and legislation to hold businesses accountable for their carbon impact across their entire operation. As a result, there is a demand for accurate and quality carbon data for monitoring, reporting and verification.
Carbon capture, use and storage (CCUS) are playing a crucial role in decarbonisation efforts through reducing emissions in carbon-intensive industries, producing low-carbon electricity, and removing existing carbon dioxide emissions from the atmosphere.
CCUS has gained momentum in recent years due to the tightening climate targets, its ability to reduce up to 90% of greenhouse gases, and its technological ability to cut carbon emissions from industries that are particularly difficult to decarbonise (such as the cement industry). Currently, CCUS has helped the chemical sector reduce its emissions by 38% and the cement, iron, and steel sub sector by 15%.
Additionally, when the carbon from the CCUS is utilized or transformed into other products or materials, a circular carbon economy is created where people are able to gain economic benefits with the carbon captured.
However, the high cost and uncertain technological performance associated with CCUS is limiting its widespread adoption in industrial facilities. To increase the capacity for CCUS, further research is being done to reduce costs.
Apart from carbon, other resources have to be managed to reduce its environmental impact.
Waste management has been one of the issues to tackle as previous methods of allocating waste to landfills are no longer feasible. Circular waste management is an approach some startups are exploring in order to preserve resources and reduce greenhouse gas emissions that traditional methods such as landfills do.
Water management is another issue that has been prioritized in the recent years due to the increase in demand for accessibility and affordability of clean water. Efforts to recycle and purify water will gain more traction in the coming future.
Overall, the circular model demonstrates a more sustainable production and consumption methods that results in less waste.
Alternative Mobility
Due to climate change, the automotive industry is shifting to more sustainable ways to produce and fuel vehicles. This is also driven by the future ban on petrol and diesel cars. The UK is looking to ban petrol and diesel cars in 2030, and the European Parliament will ban the sale of these cars in 2035. The sales of electric vehicles have reached a record high in the past couple of years, and will continue to grow following the ban. The electrification of vehicles expanded from just cars to boats, ferries, and school buses.
EV charging infrastructure will be the focus, because it is a necessary component to further accelerate the adoption of electric vehicles.
Green Building
The green building, buildings that use less energy and water, movement has been around for a while. It will continue to gain momentum driven by both the private and public sectors with a focus on reducing operational costs and benefiting the environment.
The use of sustainable materials, materials that have been sustainably sourced and have a low environmental impact, is one of the growing trends within ‘green building.’ Some examples are bamboo, cork, hemp-based flooring which can be cheaper, more efficient, and have a lower carbon footprint than traditional materials.
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