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“This year has seen significant weather and climate events on the planet,” according to the National Oceanic and Atmospheric Administration (NOAA). With growing demands, governments around the world are taking bold steps to tackle the climate crisis and advance climate technology. Here are the top four trends that will shape climate technology in 2023.
1. Legislation promotes climate behavior and climate technical innovations
Governments have enacted climate agendas, such as the US’s landmark Inflation Reduction Act, $369 billion in support for clean and renewable energy, and the UK’s Environment Act 2021. Artificial intelligence and will drive innovation for 2023 and beyond.
2. Carbon credits are popular until better alternatives come along
As boards and investors pursue sustainability, many organizations purchase carbon credits to offset carbon emissions. However, the carbon credit strategy itself will be more controlled, because climate technology has three critical challenges to help reduce it: with increasing demand, the price of carbon credits will increase significantly in this decade, up to 3,000%; The validity of carbon credits is difficult to guarantee and there are significant issues of extrapolation. The Earth does not have enough land to offset all of society’s carbon emissions.
Many organizations use carbon credits today and invest in innovation for tomorrow. For example, airlines are investing in sustainable aviation fuel for future carbon reduction.
3. Biodiversity goes mainstream and requires better reporting standards
Biodiversity requirements are prominent in legislation such as the UK Environment Act 2021 and the US Wildlife Act 2022. However, implementation has been hampered by lack of evaluation and reporting requirements. Laure Denos, science policy expert, International Union for Conservation of Nature (IUCN), calls for “consistency and compatibility” in reporting across countries, sectors and over time. More than 300 businesses in 56 countries recently called for mandatory reporting on their environmental impact by 2030. These critical assessments require advanced data acquisition and analysis, which has stimulated opportunities for climate technology industry innovations.
4. Engineers flock to climate technology
Motivated engineers move into climate technology companies and bring technical skills and new perspectives that drive innovation. They want more relevance, purpose and the ability to make a real difference, and with this industry growing so fast, modernization isn’t stopping anytime soon. The world needs climate technology now more than ever. In the year By 2023, the government’s response to growing public demand will result in new requirements and funding – public and private – for effective climate change programs. Their inherent complexity requires the scale and power of innovative climate technologies and the industry is poised for change.
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