Technology is Driving Change for the Better

The world is at a pivotal moment in its fight against climate change, driven by rapid advancements in technology that promise to make a substantial difference in global emissions. The relentless march of fossil fuel use has continued over the decades, leading to increased CO2 emissions. 

Press release from IEA on the occasion of releasing its 2023 World Energy Outlook reads: 

As things stand, demand for fossil fuels is set to remain far too high to keep within reach the Paris Agreement goal of limiting the rise in average global temperatures to 1.5°C. This risks not only worsening climate impacts after a year of record-breaking heat, but also undermining the security of the energy system, which was built for a cooler world with less extreme weather events. Bending the emissions curve onto a path consistent with 1.5°C remains possible but very difficult. 

Technological innovation has proven itself to be the most critical tool in mitigating climate change. However, as we transition into a more energy-demanding world, the challenge lies in scaling climate tech effectively while ensuring that solutions prioritize human wellbeing.

This topic will be discussed at the upcoming Horasis Global Meeting that is being held in the city of Vitória, Brazil. The meeting is scheduled to take place between 25-27 October 2024, bringing together leaders from governments, businesses, and civil organizations to help address global challenges we face today, including inequality, peace, and climate change.

Climate Tech in an Energy-Demanding World

Due to increased urbanization and technological advancement, demand for energy is expected to rise significantly. Despite this, we must decouple economic growth from carbon emissions. Climate tech, which includes technologies like renewable energy, carbon capture, electrification and energy efficiency solutions, has the potential to drive this decoupling, but it must adapt to the realities of our energy-demanding world.

Big tech companies can be of great help in ensuring clean energy transformation. Wind and solar power are key to transitioning to clean energy, but their variability poses challenges for uninterrupted electricity supply. Tech companies can play a crucial role in addressing this by investing in hydrogen, battery storage, and flexible operations like shifting workloads to match renewable generation. Digital technologies can enhance grid flexibility by aggregating and automating demand responses from electric appliances and cars. 

Moreover, advanced digitalization, including AI and the Internet of Things, can improve renewable forecasting and optimize grid management. Although tech giants have made some strides, there’s significant untapped potential for them to scale smart energy solutions and reduce transaction costs, helping to decarbonize the broader grid.

Digital technologies can enhance energy efficiency, as seen in big tech companies that have decoupled data and electricity use through improved infrastructure and cloud data centers. These innovations can extend beyond tech, addressing challenges like retrofitting old buildings by using sensors and machine learning for energy savings. In the transport sector, optimized logistics and operations, especially for trucking, can significantly reduce emissions and energy use.

The Approach to Equitability

The advancement of climate tech needs to be driven not only by reducing emissions but also by promoting global wellbeing. The rise of climate tech solutions should be accompanied by policies that promote equitable access to such technologies. Wealthier nations and individuals should not be the only beneficiaries of advancements in green technology. Governments and corporations must collaborate to ensure that climate tech solutions are affordable and adaptable to diverse economic conditions. International cooperation through knowledge sharing, financial support, and technology transfer is essential to achieving this.

Technologies that promote sustainable materials, recycling, and resource efficiency must be at the forefront of innovation. This will ensure that while energy demands grow, we simultaneously reduce the pressure on finite resources and ecosystems.

Technology can truly drive change for the better, but the global community should also prioritize cooperation and collaboration. “Every country needs to find its own pathway, but international cooperation is crucial for accelerating clean energy transitions,” said Dr Fatih Birol, IEA Executive Director. 

He further adds that, “the speed at which emissions decline will hinge in large part on our ability to finance sustainable solutions to meet rising energy demand from the world’s fast growing economies. This all points to the vital importance of redoubling collaboration and cooperation, not retreating from them.”

Photo Caption: Technological innovation has proven itself to be the most critical tool in mitigating climate change.