Climate change isn't just a threat, it's a defining challenge of our time. Rising temperatures, extreme weather events, and ecosystem collapse paint a grim picture, yet hope isn't lost. In fact, it's being forged in the minds of brilliant climate companies, engineers, and scientists who are developing game-changing advanced climate technologies to combat this crisis.
Moreover, these climate technology solutions that we embrace will not only mitigate climate change, but also unlock a more sustainable future, one that's financially rewarding and environmentally responsible.
Let us look into some of these game-changing climate technology solutions:
Carbon Capture and Storage (CCS) Advanced climate technologies like CCS (Carbon Capture and Storage) aim to capture carbon dioxide (CO₂) emissions from industrial processes and power plants before they are released into the atmosphere. The captured CO₂ is then transported and stored underground in geological formations. This prevents it from contributing to global warming. CCS has the potential to significantly reduce greenhouse gas emissions and is being tested in various pilot projects worldwide. At the same time, we should be very assured about its security, permanency and economy.The market size has a Compound Annual Growth Rate (CAGR) of 21.94% that will grow from USD 5.99 billion to USD 35.70 billion from 2023 to 2032.
Green Hydrogen and its Derivatives
The GH2 Green Hydrogen Standard outlines the requirements for sustainable green hydrogen production. It covers aspects such as project overview, stakeholder engagement, and environmental impact.
As a climate technology solution, green hydrogen and its derivatives need to address environmental, social, and governance aspects. The amount of water utilization and community engagement are critical factors that need to be established.
The establishing of global standards for green hydrogen ensures sustainability and supports the transition away from fossil fuels. The new regulations include the promotion of renewable sources as forms of energy and use of alternative infrastructure for fuels and its adoption.
The market size has a Compound Annual Growth Rate (CAGR) of 39.5% that will grow from USD 4.21 billion to USD 60.56 billion from 2021 to 2030. The development of green hydrogen production capacity of at least 5 MMTPA and renewable energy capacity addition of about 125 GW calculated would be based on the 25% CUF.
This would also create the abatement of nearly 50 MMT of annual greenhouse gas emissions. The main sectors would be fertiliser through green ammonia, steel through green steel and transport through green fuel.
Smart Grids and Energy Storage
Advanced climate technologies like smart grids integrate advanced communication and control systems into the electricity grid. They enable efficient distribution of electricity, reduce transmission losses, and allow for better management of renewable energy sources. Energy storage solutions, such as lithium-ion batteries and pumped hydro storage, store excess energy generated during peak production times. These stored reserves can then be used during periods of high demand or low renewable energy availability.
The EU Regulations promote the use of energy from renewable sources, while in India BIS standard and CEA guidelines are available. The market size has a Compound Annual Growth Rate (CAGR) of 6.75% that will grow from USD 100.3 billion to USD 185.6 billion from 2023 to 2032.
Renewable Power Electric Vehicles Electric vehicles (EVs) help reduce emissions in global transportation significantly. EVs have an electric motor instead of an internal combustion engine, which means they emit no exhaust from a tailpipe instead they take electricity from the grid. Nowadays grid is a mix of renewable and non-renewable sources. To make EVs truly green, we must charge them with renewable energy sources. Also, another concern over battery storage. Though neither lithium nor cobalt is a rare earth metal, and rare earth metals are not as rare as precious metals like gold and platinum, we should consider the climate and social impact at the time of mining because, in progress over time, it will excavate on a large scale in the future. EU Regulations have made way for the introduction of electric vehicles, innovative technologies and the need for alternative fuels infrastructure. While in India, regulations that have been made for FAME, PLI and battery swapping policies. Adding to this, there are state EV policies and AIS standards. The market size has a Compound Annual Growth Rate (CAGR) of 33.3% that will grow from 37792 units to 376000 units from 2022 to 2030.
Climate-Resilient Agriculture Innovations in agriculture are crucial for adapting to changing climate conditions. Drought-resistant crops, precision agriculture techniques, and soil carbon sequestration methods are helping farmers cope with extreme weather events. Additionally, vertical farming and aquaponics allow for food production in urban areas, reducing the need for long-distance transportation and food loss in transport. The EU regulations have a policy called the common agricultural policy (CAP) wherein there is environmental sustainability, social sustainability, economic sustainability, and innovation. Like the EU, India also has policies called the National Agricultural Policy (NAP) which emphasizes the importance of management and conservation of resources. The market size has a Compound Annual Growth Rate (CAGR) of 9.7% that will grow from USD 19.32 billion to USD 48.76 billion from 2022 to 2032.
Circular Economy Practices
The circular economy model emphasises reducing waste, reusing materials, and recycling. By designing products for longevity and incorporating recycling processes, we can minimize resource extraction and landfill waste. Circular economy practices extend to textiles, electronics, and packaging materials.
Why is the Circular Economy important?
The circular economy is important as a consumption and production model that brings in sustainable growth. It aims to minimize waste and promote a sustainable use of natural resources, through smarter product design, longer use, recycling and more, as well as regenerate nature. Currently, we are using more natural resources than what is the available. If current trends were to continue, we would need three planets by 2050.
By reducing the consumption of raw materials, optimizing resources, and recovering waste by recycling or giving it a second life as a new product, the circular economy can help tackle the problem of pollution and play a critical role in solving other complex challenges such as climate change and biodiversity loss.
How can a circular economy address climate change?
Under the Paris Agreement, countries are committing to climate pledges, termed Nationally Determined Contributions (NDCs), aimed at curtailing GHG emissions and bolstering resilience against extreme weather and natural disasters. By integrating circular economy approaches into these pledges, nations can expedite the transition to a low-carbon economy, safeguard the natural environment, and foster the creation of environmentally friendly, respectable, and dignified employment opportunities. The International Labour Organization (ILO) suggests that global implementation of more circular activities, such as recycling, repair, rent, and remanufacture, by 2030 could result in the creation of six million jobs. The EU regulations have set up the General Union Environment Action Programme, green bonds, and a programme for the environment and climate action. While in India, the government is driving transition through MoEFCC and NITI Aayog CPCB.
The market size has a Compound Annual Growth Rate (CAGR) of 7.8% that will grow from USD 417 million to USD 657 million from 2021 to 2027.
These aren't futuristic dreams, they're technological realities already in development. Each solution strengthens the others, creating a symphony of sustainability that benefits our planet and generates significant revenue.
By investing in climate technology solutions, we're not just saving the planet, we're investing in the future. We're creating new jobs, fostering innovation, and building a more resilient economy.
Are you ready to join the movement? Explore the game-changing solutions waiting to be unleashed, and discover how you can play your part in building a better, brighter future for all.