Five Climate Tech Trends to Look out for in 2024
An area expected to grow exponentially in 2024 — and beyond — climate tech addresses the climate crisis through technologies explicitly focused on reducing greenhouse gas emissions.
Data from PwC at the end of 2023 shows that climate tech now makes up 10% of all tech deals globally, a number that has crept up slowly, but surely, from 1.5% over the last decade.
Climate Tech Investor Meir Rabkin, Founder and Managing Partner of Blue Vision Capital, a climate-tech venture capital fund dedicated to investing in early-stage startups to reduce global warming by focusing on innovative capital-efficient technologies, is also a Board Member of Carbon Neutral Club who has spent a chunk of the latter part of his career focused on disruptive technologies that can demonstrate a measurable and meaningful positive impact in solving climate crisis.
And with climate tech set to become more established in 2024 than ever before, Rabkin shares his predictions for the upcoming year and beyond, helping drive momentum for a more sustainable future.
1. Clean energy adoption to keep climbing
In 2024, the global shift to clean energy will gain unstoppable momentum. With more than 120 countries committing to triple their renewable energy capacity by 2030, the world is headed for a transformative leap towards a greener future, leaving fossil fuels in the rearview.
2. Carbon accounting software set to soar
As organisations strive for carbon neutrality, the ascent of carbon accounting software is meteoric. Forecasting a staggering growth from US$15.31 billion in 2023 to US$64.39bn by 2030 at a CAGR of 22.8%, these tools are set to play a vital role in shaping a sustainable, low-emission world.
3. Aquifers are ‘beacon of hope’ amid water scarcity worldwide
Amidst global water scarcity challenges, recharging depleted aquifers becomes a beacon of hope. The revolutionary use of treated wastewater for artificial groundwater recharge marks a paradigm shift, offering a sustainable alternative to desalination. This cutting-edge approach signals a crucial step towards responsible water resource management.
4. Energy systems to be revolutionised
2024 will be the year of decentralised energy solutions. Sustainable microgrids, powered by a mix of renewables, are set to revolutionise energy systems. Not only do they climate-proof grids against disasters, but they also accelerate the electrified ecosystem, paving the way for resilient communities and bolstered investment in electrified transport.
5. Renewables paving path away from traditional power grids
In the unfolding narrative of 2024, the stage is set for the rise of Distributed Energy Resources. Sustainable microgrids, fueled by solar, wind, and energy storage, are spearheading a movement away from traditional power grids. Early adopters, including smart-home enthusiasts and electric vehicle aficionados, will pioneer the future of decentralised energy, demonstrating the power of sustainable living.
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