By 2030, cleantech market could surpass the value of oil market

• Clean technology is playing a transformative role in achieving the vital goal of ‘green recovery’.
  

• Future innovations will focus on areas such as renewable energy, green materials, low carbon construction, and sustainable automation.
  

• Clean tech global market is predicted to surpass the value of the oil market by 2030.

Of the many lessons that the global pandemic taught us over the last couple of years, the most powerful one is about ‘rebuilding with sustainability’. Clean technology or clean tech has been playing a transformative role in achieving this vital goal. With global emissions on the rise, organizations are transitioning towards cleaner resources, energy, and technologies.

The International Energy Agency, which has been emphasizing on increasing clean energy investments for sustainable recovery, has released some interesting estimates last year. In IEA’s net-zero scenario, the size of the global market for clean tech will surpass the value of the oil market by 2030, rising from $122 billion to $870 billion.

Experts in India point out that the adoption of clean tech is essential for building around green recovery and inclusive growth in the country as it continues to cope with the fallout of the COVID-19 pandemic.

It is estimated that approximately 20% of all the startups in the country are focused on different aspects of sustainability. New clean industries are coming on board to drive the future growth of clean technologies. India is represented as one of the key markets for investors. With the government’s policy toward building a net-zero carbon economy in the decades to come, India has set ambitious targets for the sector.

This is evidenced in the overall increase in awareness and efforts by Indian companies towards adopting clean tech.

Accelerating outcomes

“We are seeing a gradual shift in the attitude of businesses towards the environment in general. However, there is a lot to be done and with the investment and urgency that is required, corporations need to be more proactive. The time has come for Suo motu adoption rather than regulation / mandate-based adoption of clean tech in any form, be it prevention or cure. The surge in clean tech start-ups in India also needs to be matched with the requisite awareness and action at all levels,” says Irfan Pathan, co-founder & CEO, Pi Green Innovation – a clean tech startup.

While sustainability has become a strategic leadership agenda for companies across sectors, clean tech is yet to cross the chasm. The focus of the sector now is to fill the innovation gap that existed over the decade and speed up the adoption. Both public and private sectors have been accelerating their efforts in this regard, as the ambitious goal of net zero by 2050 gets tougher and critical.

In the next one year or so, a large part of the innovations and emerging trends (driven largely by startups in this field) will be focused on a few key areas of clean tech. These include renewable energy, green materials, low carbon construction, sustainable automation and alternative mobility to name a few.

Climate tech is another evolving area as global warming accelerates.

Last month was the third-hottest April India has seen over the past 122 years, from 1901 to 2022, according to government officials, and March was the hottest ever recorded.

“There is a massive need for innovations and technologies to recover the damage. There are a lot of new advancements in this area especially around solutions to reduce emissions from heavy vehicles, diesel gen-sets, crematoriums and ambient air. Additionally, thanks to some of the top innovations in multi-pollutant monitoring, circular waste management, wastewater treatment, carbon capture and storage etc., there certainly is hope for the environment but we need to act fast and invest more,” concludes Pathan
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