Last Updated on January 28, 2024 by Nandini Shukla
The global green technology and sustainability market is predicted to reach $417.35 billion by 2030. Recent findings have shown that the 21.6% increase in CAGR from 2022 to 2030 is richly influenced by the deep impact of green technology. This technology focuses on using technology and science with reduced environmental impacts.
The history of Green Tech stretches as far back as the 1990s, and it has become more significant with the rise in environmental concerns in technology. For instance, many investors have also shown interest in using blockchain technology to combat climate change. We have prepared this guide to enable you to understand Green Tech and the impact of sustainable technology.
History of Green Tech?
Green Tech is an abbreviated form of “green technology”. Although it has become more popular recently, green tech practices can be traced back to the industrial revolution. It all began in the early 19th century when scientists discovered the environmental impacts of coal-burning industrial plants.
To reduce negative environmental impacts, manufacturers changed their production processes to produce less soot and waste by-products. The United States also made huge strides in Green tech during the Second World War. More than 400,000 volunteers signed up to recycle thousands of metal, paper, rubber, and other waste materials for the war effort.
Meanwhile, many mysterious illnesses emerged due to exposure to harmful nuclear radiation, raising many concerns for scientists. Rachel Carson also warned of the dangers of chemical pesticides, and this period marked the start of the ecological movement. The government sought to preserve ecosystems and raise more awareness of the consequences of runaway technology.
Green Tech Examples
Various forms of technology mainly associated with Green Tech can be used in day-to-day practices. They include:
1. Renewable Energy
To reduce fossil fuels, many manufacturers have introduced alternative energy sources, including wind and solar power. They’re inexpensive, renewable sources of energy that do not pollute the environment. Solar panels are also quite affordable to homeowners and can help reduce the cost of expensive electricity bills.
2. Electric Vehicles
Many people are shifting to electric-powered vehicles to reduce greenhouse gas emissions during transportation activities. In 2021 electrical vehicle sales doubled to 6.6 million, and two million electric car sales were recorded in Q1 of 2022. On the flip side, electric vehicles are considerably more expensive than the average, and many power grids also involve fossil fuels.
3. Sustainable Smartphones
One of the many contributions towards sustainable technology is through green-friendly smartphones. Many companies have reduced the use of hazardous substances such as arsenic, lead, and mercury in their smartphones. Some smartphones, such as the iPhone 13 Pro, can be easily recycled, with 99% recycled tungsten and 98% rare earth elements.
Bottom Line: Why is Green Tech Important For Sustainability?
Green technology generally covers using technology and science to promote environmental sustainability. It aims to repair past environmental damage and conserve renewable natural resources. The green technology market is rising with growing environmental awareness concerns.
The main challenge for the industry is the high production costs for green technology solutions which can limit market growth to a large extent. However, many tech companies are investing in green technology to reduce climate change. Many experts believe that following the robust history of green tech, we’re on our way to reaching new-age sustainability goals.
The UAE and Saudi Arabia are already leading the region in terms of innovative green technology policies to combat climate change. In a recent announcement, the UAE President, His Highness Sheikh Mohamed bin Zayed Al Nahyan [made a $50 billion commission on clean energy solutions at home and abroad.