Climate tech crucial in transitioning away from fossil fuels

Capgemini’s Climate Tech: Harnessing the power of technology for a sustainable future report examines how it is helping businesses battle climate change

Now governments at COP28 have agreed to “transition away” from fossil fuels in a bid to avert the worst effects of climate change, it speaks true to the sentiment that there is not a clearer and more pivotal moment for climate action than now.

And, a leading technology giant is putting forward how a diverse family of technologies can be key to tackling the climate crisis head-on.

Capgemini’s Climate Tech: Harnessing the power of technology for a sustainable future report examines the role climate tech is playing in helping businesses battle climate change and the barriers organisations are facing in adopting it.

Climate Tech: Harnessing the power of technology for a sustainable future: key findings  ​​​​​​​

One of the overarching themes that have emerged from Capgemini’s report is the crucial role of climate tech, with three quarters of executives expressing that climate tech is necessary for their organisations to attain sustainability goals.

A similar figure suggest that product costs are likely to increase due to investment in climate technologies, with high green premiums present a barrier to adoption:

This uncovers the fact that despite many technologies able to address climate change being available, access constraints, such as financial, prevent them being utilised to their full potential in a bid to tackle greenhouse emissions.

Florent Andrillon, Capgemini’s Global Head of Climate Tech said: “As the world races to find solutions to address climate change, we can see there is an extraordinary appetite for these technologies, supported by an increased awareness on the urgency to act. We are in the beginning of a ‘clean industrial revolution’.

“Before climate technologies reach cost parity with their traditional counterparts, businesses or consumers can’t be expected to handle large green premiums alone. Public policies need to level the playing field and adequately support the scaling up. Consumers and organisations alike understand the need to quickly adapt their behaviours, and that solutions exist. It will take increased intervention from governments to support and speed up that paradigm shift for industry and end-users alike.”

The full report can be read here.

What is climate tech?

A way of tackling the escalating climate crisis, climate tech is a diverse family of technologies that solely focus on targeting climate change. Critical sectors within this space include, but are not limited to, EVs, carbon capture and storage, as well as green hydrogen and forms of renewable energy like wind, solar and geothermal.

How quickly is climate tech being adopted?

It’s clear to see there are packets of climate etch being adopted despite some barriers currently in existence, due to green premiums taking a dip and allowing for easier access. 

This includes in areas such as solar photovoltaic (PV) and electric vehicles (EVs). But Executives in industries such as where carbon capture for cement, green hydrogen for steel, and SAF for aviation are still at a premium expect adoption of the technology to spread rapidly off the back of the success in the EV space. 

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