Technology

Earth Day Survey: The Critical Role of Technology in Tackling Climate Change

In honor of Earth Day 2022, new research suggests that while UK climate technology plays a crucial role in tackling global climate change, challenges in accessing finance and a lack of government support are hampering the industry’s development.

With the many challenges facing the world we live in in 2022, the focus on ClimateTech was more important than ever. This comes from recent data from over 300 ClimateTech executives obtained from London Tech Week, taking place on 13-17 June 2022.

Anchor events include the ClimateTech Summit, a vibrant global community of innovators, venture capital, corporate partners, academia and governments defining the path to net zero.

More than half (60%) of global respondents believe the UK is ahead of the rest of the world when it comes to advances in climate technology.

Covid-19 and accelerating climate technology

Covid-19 accelerated the adoption of technology in many industries. It’s no different with ClimateTech. The pandemic has;

● Accelerated investment in air conditioning technology (25%)● Increased likelihood of achieving sustainability goals (38%)● Industry awareness (43%)

Almost half (44%) of ClimateTech executives say they have increased pressure on government to act, although they believe the pandemic has limited government’s ability to provide funding (33%).ClimateTech leaders urge government to:

● Supporting tech companies fighting short-lived pollutants like CO2 (71%)● Promotion of green innovations (61%)● More investment in renewable energy (58%)● Investment in sustainable transport (48%)● Investments in green living and green urban development (56%)

Investment in our future

Obtaining funding was also a challenge, with 36% of ClimateTech executives raising less than £1m. This indicates an increase in competition and a spread of smaller investments in the industry. Executives have struggled over the past year:

● Unable to secure enough funding (39%)● unable to hold face-to-face meetings due to Covid (22%)● Competition with other startups (28%)● Finding the right talent (23%)

When looking for investment, 80% of startups had to turn to five venture capital funds to raise the funding they needed, while 10% had to turn to over 10 funds.

Community support

More than a third (35%) of respondents said they turn to other founders for help when seeking advice. Others contact:

● Events such as London Tech Week (25%)● Startup programs such as Elevating Founders (28%)● Communities like ClimateTech (28%)● Accelerator programs (20%)

Stephen Murphy, leader of the ClimateTech Summit, former London Tech Week Conference, said: “From agri-tech to energy and urban development, technology is driving the way to negate the effects of climate change. We’ve seen an increase in competition as the pandemic accelerated investment in climate technology and drew more attention to the industry. The UK technology industry is at the forefront of solving this global problem.

“ClimateTech has a huge role to play in reversing the climate crisis and the race to Net Zero. We must invest in our planet and support the technology leaders that are enabling us to change the course of our future. Businesses, governments and citizens are all responsible and must come together to rewrite our future footprints on this planet.”

https://techround.co.uk/news/earth-day-survey-technologys-crucial-role-in-tackling-climate-change/?utm_source=rss&utm_medium=rss&utm_campaign=earth-day-survey-technologys-crucial-role-in-tackling-climate-change Earth Day Survey: The Critical Role of Technology in Tackling Climate Change

Fry Electronics Team

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