The energy transition involves the accelerated deployment of renewable energy production. This transition is being made possible through technological advancements and investment in futuristic technologies.
Technology and innovation play a huge role in solving the climate crisis. From solar panels, wind farms, carbon capture technology, sustainable data centers, green energy adoption, and the regulation of the cooling industry, new technology is being widely used to mitigate human impact on the planet. The main challenge is getting companies and entire countries involved in the change.
Research conducted by IBM’s Institute for Business Value showed that only 23% of global CEOs are implementing sustainability strategies across their organizations. Additionally, the article noted that the main obstacles include unclear ROI, data collection, and technology barriers, among others.
Technology is a critical component of setting climate reduction targets – but data also plays a major role. Organizations need a way to quantify, reduce, and monitor their emissions. With the right technology, the process becomes more efficient, transparent, and effective. It’s also important to outline goals, determine current impact, track progress, and implement adjustments. This requires a single system of record to integrate and manage data. As a result, organizations are able to analyze relevant data to deliver transparent, verifiable, financial-grade information while more easily identifying where improvements are most needed.
Besides data collection, the technologies attracting the most excitement involve cutting system costs, analyzing and understanding the combining of energy sources, renewable energy’s role in overall sustainability, and hydrogen. Many of these innovations are interconnected and will need the right support and commitment from both public and private sectors. Other up-and-coming technologies that are drawing interest include:
- Wind and Solar: two of the fastest-growing renewable energy sources.
- Blockchain, AI, and Carbon Capture: the ability to securely track and share data will encourage transparency and participation.
- Semiconductors: play a key role in everything from computing to appliances, to transportation systems, and infrastructure. As demand for green IT solutions continues to increase, organizations are demanding energy efficiency along with increased chip performance.
- EVs: electric vehicles have a smaller carbon footprint than gasoline cars, even when accounting for the electricity used for charging. While production still releases emissions, the lifecycle of the vehicle is more sustainable.
- Green Hydrogen: offers the potential to end fossil fuel dependency, reducing CO2 emissions for various industries as well as transport and storage.
Investors and policymakers are currently realizing the potential of investing in newer and older technologies for climate adaptation and mitigation. While the challenge of energy transition ahead is significant, clean technology brings enormous opportunities to boost sustainable growth, jumpstart innovation, and make real progress in the fight against climate change.
Reaching a Net Zero future will require efforts across governments, private companies, and consumers. While technology as a whole may not be a magical solution for tackling the climate crisis, strong sustainability policies, commitments, and corporate action can definitely help guide the application of individual technologies to accelerate global energy transition.
