17 June 2024

Tech investing is the key to Biden’s ‘Race to Zero’ to avoid climate crisis

| The European |

The race to reduce carbon emissions is underway, and go-ahead companies are jockeying to deliver emerging tech solutions to win it

Leading nations including the USA (2nd biggest carbon emitter globally*), UK (17th), France (19th), Denmark, New Zealand, Japan(5th), and South Korea (8th) have committed to reaching net-zero by 2050. The world’s No1 emitter, China, has committed to net-zero by 2060. However, the International Energy Agency forecasts 2021 carbon emissions will be the second-highest ever recorded annually.

“It’s easy to see the financial and environmental benefits of using advanced technology to accelerate the launch of ‘Race to Zero’, pushing back against urban pollution, health risk and climate change and a future multi-trillion-dollar cost in economic and environmental damage,” said Vector Innovation Fund Co-Founder & The World Nano Foundation’s Paul Stannard.

Cities cover just 3% of the Earth but contribute 70% of global carbon emissions. Advanced technologies can provide the essential interconnectivity to drive this down.

Yet many tech companies say the tools for reaching net-zero already exist. One sector, in particular, is forging ahead in the battle to reduce carbon emissions in our cities using AI Digital Twin technology.

One Digital Twin market pioneer involved is Cityzenith’s whose SmartWorldOS™ software platform can create virtual replicas of buildings and urban areas to track, manage and optimise carbon emissions to minimise environmental damage.

The US company’s tech is currently deployed in multiple international megaprojects, including a substantial ground-breaking de-carbonisation energy scheme for US cities.

Cityzenith’s CEO Michael Jansen said, “Cities are the key battleground, and that’s why we made our ‘Clean Cities – Clean Future’ pledge to donate our SmartWorldOS™ software platform to key cities one by one to drive down their carbon emission”.

Swiss-based company Climeworks has focused on carbon capture rather than emission management. Its Orca facility is designed to suck some 4,000 tons of carbon dioxide from the air each year.

Climeworks Christoph Beuttler believes carbon capture facilities like Orca must go mainstream if we are to reach net-zero:

“In order to stay within the 1.5-degree goal (to avoid climate change), we have 8-10 years left of current emissions, and we will not make that so, globally, we will have to remove CO2 from the atmosphere permanently.”

Fortunately, technology now attracts significant investment. Cityzenith has added over 5000 investors as part of its $15m Regulation A+ crowdfunding raise since the end of 2020. Climate-focused investment funds such as US-based Congruent Ventures and the European fund, 2150, have recently supported start-ups and companies developing essential climate solutions. This form of investment is forecasted to run into trillions of dollars in the next 5 to 10 years.

But Cityzenith’s Jansen added: ” We must invest immediately, to act now and more effectively to protect our planet. ”

Jansen’s upcoming free investment webinar, ‘Join The Race to Zero – Investing in Technology For Sustainable Cities,’ will take place virtually on Tuesday 11 May at 08:00 CT and 13:00 CT. To learn more about using emerging tech to combat climate change, please sign up here.

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