In 2018 the green technology market was valued at $6.85 billion.
This figure is projected to increase to $44.61 billion, with a Compound Annual Growth Rate (CAGR) of 26%.
This change comes as a response to our present-day environmental crisis. In this sense, green technology provides a knife for our noose, to help us move forward, past plastic pollution, poisonous chemicals, and climate degradation.
“The concept of ecological modernism, which sees technology as key to solving big environmental problems, is getting a lot of buzz these days.” – The Guardian, Technology as Our Planet’s Last Best Hope
In this article, you will learn what green technology is, why it is important, and 6 easily applicable ways you can utilize green technology in your business or line of work today.
In addition, Process Street as a green tech solution gives you free access to our leading business sustainability templates. Sign up to Process Street here for free and check out our ISO 14001 Environmental Management Self Audit Checklist below for a taster.
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Green technology uses scientific innovation to create products and services that are environmentally friendly, helping protect the environment and in some cases, even repair it.
“Green technology is one that generates or facilitates a reduction in environmental externalities relative to the incumbent” – Mercure and Knobloch, The behavioural aspect of green technology investments: A general positive model in the context of heterogeneous agents
If pulled off, sheets of solar absorbing cells will soon cover large swaths of the Great Desert of Thar in Rajasthan India.
These plans come with India’s mission to obtain 2/3’s of its energy from renewable sources. Adopting green technology solutions in the form of solar power cells, India plans to cover this relatively underutilized land to generate 455 GW of renewable electricity. To put that latter figure into perspective, India’s current installed generating capacity is around 232 GW.
This is an example of green technology being harnessed on a mass scale, to capture energy from the sun and power society. In a way, you can think of solar energy as human-style photosynthesis.
The positive power of tech and green thinking is evident across the globe, with green tech use increasing. For instance, global investment into renewable energy has grown over the years, increasing five-fold from 2004-2010, and steady increases have been shown since. A 2018 Bloomberg New Energy Finance report indicated that clean energy investments totaled over $322 billion in that year.
There seems to be a mass exodus, with businesses moving away from non-renewable energy sources and environmentally damaging practices.
But when did this movement towards green technology begin?
I want you to pause for a minute to think about the term technology.
What springs to your mind?
If you’re anything like me, when I think of tech I imagine light-sabers, drones, and spacecrafts entering hyperspace – 🚨Continue reading