Green technologies are increasingly embedded across industries from reducing waste to conserving energy in operations. The global green technology and sustainability market size was estimated at US$ 35.5 billion in 2021 and it is expected to hit US$ 417.35 billion by 2030 with a remarkable CAGR of 21.6% from 2022 to 2030. Technologies to generate operational efficiencies can account for a significant reduction in carbon emissions and waste, and are the most popular end-use of green tech. Further, the movement toward energy centred design is an interesting one for new products, services, and business models.
Whereas, traditional businesses are also retro-fitting new technologies, to reduce their environmental impact. For traditional businesses, the spurt in carbon capture and storage technologies across the world offer a way to negate their business’ environment footprint during the transition period in the business’ net zero plans. Besides industry, green technologies are being used in city planning, such that ‘smart city’ councils increasingly integrate ‘green city’ initiatives. For instance, Dubai aims to source 75% of its electricity generation from renewables by 2050.
Greentech is among the diverse topics discussed and industries explored in clean energy tech conferences like GITEX Impact. More than just a climate tech conference, this event dives into greentech today and for the future.
Green Tech Defined
Greentech, also known as green, or clean technology, is a term used to describe sustainable, science-based innovations that develop environmentally-friendly products and services. Greentech companies have contributed to the advancement of this industry (e.g., via a clean energy summit) as they aim to reduce waste, minimise pollution, and protect the environment from the harmful effects of human activity. Businesses and organisations, that join green tech events, often outline greentech in their environmental, sustainability, and governance (ESG) or mission statement.
While greentech’s primary goal is to harness the power of sustainable products and services to reduce the negative impact humans have on the environment, other goals of these innovations include:
- Cradle-to-Cradle Design: Instead of manufacturing products designed to be used a limited number of times, businesses adopt the “cradle-to-grave” method and develop products that can be recycled, upcycled, and reused.
- Innovation: With design research and development, existing technology is replaced with efficient and eco-friendly equivalents.
- Source Reduction: Production methods facilitate the reduction of resource consumption.
- Sustainability: To fulfill societal needs without compromising the well-being of future generations and the environment.
- Viability: Adopting advanced green technology methods as well as creating new jobs suited to facilitate them.
Types of Green Technology
Greentech is an emerging market that will continue to advance and pave the way for a sustainable future. The various types of clean technology already adopted include:
- Alternative Energy
- Carbon Capturing
- Electric Vehicles
- Environmentally Preferred Purchasing
- Green Chemistry
- Green Computing
- Green Construction
- Green Nanotechnology
- Sustainable Agriculture