There is no doubt that technology has simplified our lives. It offers the promise of a better world by eliminating deadly diseases and by significantly improving our standard of living. However, resource extraction, pollution of air, water, and soil, and emission of dangerous materials have created conditions for environmental catastrophe and irreversible damage to the biosphere.
In recent years, there has been considerable growth in combining technology with sustainability. In the 21st century, sustainability refers to the capacity of the human civilization and the Earth’s biosphere to exist together. The efforts to use technology for sustainability have led to the emergence of sustainable technology.
Energy transition investment trends
Sustainable technology, also called Green technology, makes more valuable use of natural resources and reduces ecological impact, among other benefits. The primary goal of sustainable technology is to protect the environment and to repair the damage that has been done to the environment in the past. It is closely related to cleantech, which refers to products or services that enhance operational performance while reducing cost, energy consumption, water, and harmful effects on the environment.
As global awareness regarding climate change, overpopulation, and exhaustion of natural resources increases, the popularity of Green tech also increases. According to Bloomberg NEF, 2020 saw an investment of nearly $303.5 billion in renewable energy, going up by 2% as compared to the previous year. $139 billion were spent on electric vehicles and other associated charging infrastructure in 2020, accounting for a record-breaking 28% increase over the previous year.
According to Albert Cheung, Head of Analysis at Bloomberg NEF, global investments have reached half a trillion dollars per year to decarbonize the energy system. Major investments are being made in electric transport and clean power generation worldwide.
Geographically, Europe has the biggest slice of global investment with a $166.2 billion investment in green tech in 2020. China and the US follow with investments of $134.8 billion and $85.3 billion, respectively. Europe’s impressive performance can be attributed to a record year for electric vehicle sales and increasing investment in renewable energy.
Can technology make the world more sustainable?
Sustainable green technologies add much to a sustainable society while promoting environmental protection and economic development. Sustainable green innovations are aimed at generating high-quality novel products that can reduce environmental footprint.
All countries are generating consistent strategies for sustainability, such as efficient natural resource consumption and shifting from fossil fuel to perpetual energy. Technologies like Artificial Intelligence and IoT (Internet of Things) are being used to create a more sustainable future for the world.
It is safe to say that technology can help us live a safe and sustainable lifestyle while supporting and protecting the environment.
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