Why are businesses investing in green technology?
Talk of “green” inevitably evokes the problem of global warming because they go hand-in-hand. The danger of climate change has compelled many inventors to work on solutions that will ameliorate the coming drastic changes in weather.
However, to invest in green technology is also to admit that we have a serious climate problem—something many people are still unwilling to do. So there is a subconscious incentive not to invest in green technology. Not doing so is a way to deny the problem of climate change.
Nevertheless, there is an equal amount of businesspeople that are switching to green technology to power their business because it’s a way to deal with our weather problem as well as because it’s a good thing for the bottom line.
In his article in NuWire Investor, writer Robert Turp defines green technology as “business equipment that’s been specifically produced with the aim of reducing an enterprise’s carbon footprint,” and he goes on to outline three important reasons why businesses are investing in green technology.
1. Going green is cost-effective
According to Turp, the aim of green technology is to reduce a company’s energy usage. The reduction of energy usage brings on a host of benefits that make sense to business, and also the environment. The most obvious one is a reduction in overheads—which is something that managers are constantly looking to do. Green tech machines installed to power a business waste much less energy. “Indeed, these green products can prove so effective that many businesses claim investing in eco-friendly technology pays for itself in under a year,” writes Turp.
2. Going green is good for the environment
As businesspeople, the most important thing is that our establishments run as efficiently as possible to minimize costs and maximize profits. Green technology has, in many ways, caught up with the speed of business and enough gadgets are out there that can match or improve the efficiency of traditional energy-producing tools. While the benefit for the environment may not be the most prescient issue on our minds the fact is that “Animal and plant species are facing mass extinction on an unprecedented scale, and the impact of climate change is being felt across the world, from droughts in California to flooding across the UK,” writes Turp. Green technology can improve businesses and reduce carbon footprints.
3. Going green is good for your brand
“Consumers are all too aware of the issue of climate change. As a result, they want to see companies taking the problem as seriously as they do, and research has shown that they demonstrate this preference through purchasing,” writes Turp. The fact of the matter is that showing sensitivity to consumers’ feelings about climate change by implementing green tech and practices will produce positive feelings towards your brand.
HyNet North West and InterGen to build Zero Carbon plant
Expected to begin in the mid-2020s, the partnership could reduce the CO2 emissions from the Runcorn power station by over 150,000 tonnes each year, the equivalent of taking 60,000 cars off the road every year.
Situated across one of the UK’s largest industrial areas which supports the highest number of manufacturing jobs of any UK region, HyNet North West will bring clean growth to safeguard jobs, and create thousands of new employment opportunities.
Following a commitment of £72 million in funding, HyNet North West will transform the North West into the world’s first low carbon industrial cluster, playing a critical role in the UK’s transition to ‘net zero’ greenhouse gas emissions by 2050 and the global fight against climate change.
HyNet North West will begin decarbonising the North West and North Wales region from 2025, replacing fossil fuels currently used for electricity generation, industry, heating homes and transportation with clean hydrogen. The project will also capture and lock up carbon which is currently emitted into the atmosphere.
It anticipates that by 2028, Rocksavage will have enough hydrogen produced by HyNet to move towards a 100% net zero power generation power station as the Gas Turbine technology becomes available.
InterGen’s Rocksavage Plant Manager Dan Fosberg said Rocksavage has been safely generating energy to power the north west for nearly 25 years, but in order to meet the UK’s net zero targets, traditional generation needs to adapt.
"HyNet North West will allow us to pivot our operations as we transition to a low-carbon world. The proximity of the Rocksavage Power Plant to the HyNet North West hydrogen network provides us with an exciting and unique opportunity," he said.
As soon as the first stage of the hydrogen network is available at Runcorn, InterGen intends to modify the existing generating plant to consume a blend of hydrogen with natural gas and start to reduce our emissions.
The HyNet North West project milestones mean that Rocksavage could be the first plant in the UK to blend Hydrogen with natural gas, a step forward for the industry in the target for net-zero. Once the gas turbine technology becomes available, it will explore options with HyNet North West to create a zero emissions power station using 100% hydrogen.
The project will play a big part in supporting Liverpool City Region in its commitment to reach zero carbon by 2040 and accelerate the UK’s transition to net zero by 2050.
Steve Rotheram, Metro Mayor of Liverpool City Region, said: “Putting the Liverpool City Region at the heart of the Green Industrial Revolution is one of my top priorities. With our existing strengths in green energy, we have the potential to become the UK’s renewable energy coast.
“I am committed to doubling the number of green jobs in our region and exciting projects like HyNet will be a key part of that. We’re going to lead the way, not only in doing our bit to tackle climate change, but in pioneering new and innovative technology that in turn attracts more jobs and investment to our region.”
David Parkin, HyNet North West Project Director, said HyNet North West will play a big part in tackling climate change regionally. "It will ensure the region remains an attractive location for investment and for companies to grow through the establishment of a clean economy, protection of skilled jobs and creation of thousands of new long-term employment opportunities.
“Our partnership with InterGen at Rocksavage shows just how great an impact HyNet will have on the region – decarbonising homes, workplaces, travel and industry.”
HyNet North West is a low carbon energy project at the forefront of the UK’s journey to a Net Zero future, being developed by a consortium comprising Progressive Energy, Cadent, Essar, Inovyn, Eni, University of Chester, CF Fertilisers and Hanson.