There has been a notable surge, globally, in concerns around global warming and climate change. Greenhouse gas (GHG) emissions further exacerbate climate risk. Hence, stakeholders across all industries have been increasingly trying to reduce their GHG footprint and develop and improve Environmental, Social and Corporate Governance (ESG) goals and strategies. With greater awareness around climate and ESG related risks and opportunities, there is increasing demand for climate tech solutions. Climate tech startups are key stakeholders in meeting the demand for these solutions. This article explores a detailed view of key climate tech startup trends globally for 2024, including renewable energy, climate smart agriculture, low-carbon mobility, low-carbon construction and climate data and analytics.
Renewable Energy
It is predicted that renewable energy will be the most prominent climate tech startup trend in 2024. Since burning of fossil fuels releases GHGs, there is increasing demand for switching to alternative forms of energy. Renewable energy such as wind, solar, wave and geothermal energy are considered the most popular and sustainable alternatives. In the recent past, there have also been advances in hydrogen and nuclear energy.
Industries have now started using renewable sources of energy to power systems. For example, Intel is amongst the companies that have made the switch, drawing energy from wind, solar photovoltaic, hydro and biomass. Start-ups are playing a key role in driving innovations and making these technologies more scalable and cost effective. Below are examples of climate tech startups driving innovations around clean energy.
Maven develops water treatment technologies
Maven, founded in 2019, is a Canada-based startup developing powerful water treatment and source control technologies that ensure water sources remain safe white sustainably sourcing needed materials.
HST Solar provides clean energy software
HST Solar, founded in 2012, is a California-based startup that has now become a leading cloud-based clean energy software provider with a portfolio of over 800GW of projects in around 100 countries.
Climate Smart Agriculture
Climate smart agriculture will be the second most prominent trend for climate tech startups in 2024. Agricultural processes, including food production and animal husbandry, produce a detrimental amount of carbon emissions. Realistically, these emissions will continue to increase due to increasing population and food demand. In the recent past, there has been a growing trend for customers and food brands to have preference for sustainable farming practices including precision agriculture and smart farming. Startups facilitate sustainable farming practices by offering automated systems and software solutions. Some startups also help create plant-based meat products as alternatives to meat. The following is exemplary for opportunities for climate tech startups.
Meat.The End facilitates Plant-Based Meat Production
Meat.The End is an Israel based startup that produces plant-based meat. It provides a software platform which integrates with existing extrusion lines to develop textured vegetable protein as an alternative for meat.
Low-carbon Mobility
The mobility industry is driving major innovations when it comes to climate sustainability; one of the most notable developments being electric vehicles (EVs). Innovations include battery vehicles, plug-in hybrid vehicles, hybrid vehicles and hyperloop tech amongst others. The industry is also increasingly using tech to further decarbonize. Examples include eco-friendly technologies like EV charging stations and AI powered Green GPS systems. Start-ups are key stakeholders in developing sustainable solutions for the mobility sector; the following is an example.
Peregrine.ai develops Sustainable Telematics
Peregine.ai, founded in 2019, is a Germany based startup developing video telematics to protect drivers and vehicles from high risk situations. Their solution analyzes real-time traffic data to create insights for stakeholders. The solution reduces the occurrence of accidents and also offers optimized routes; the safe and efficient fuel use reduces GHG emissions.
Low-Carbon Construction
The construction industry is detrimental to switching to renewable sources of energy in order to reduce GHG emissions. The industry comprises resource-intensive supply chain and operations, using wasteful materials in processes as well as causing harmful emissions. For instance, cement production alone causes 3% of the total GHG emissions. Thus, there is significant potential and opportunity for startups to build sustainable solutions for the industry, utilizing technology. The last couple of years have seen a rise in startup solutions, including development of more sustainable building materials as well as data-driven insights to optimize construction processes.
Resync provides energy management solutions
Resync, founded in 2017, is a Singapore based startup that builds solutions that help buildings optimize their energy usage. Resync uses IoT and data analytics to power an energy management and analytics platform for construction businesses to innovate the way buildings interact with energy.
Climate Data and Analytics
It is important for any sustainability related process to be driven by data and insights. Due to industries and stakeholders’ increasing awareness around making their operations sustainable and reducing their carbon footprint, there is increasing demand for climate data. Companies now demand carbon accounting and reporting platforms to manage their ESG goals. This helps companies improve their ESG processes and also improve brand value as customers have an increasing preference for sustainable products. In the last few years, there has been growth in startups based on using IoT sensors, Artificial Intelligence and satellite data to provide companies with climate data. Thus, startups are helping companies build and improve climate models, carbon accounting and reporting platforms for disclosures.
Novisto provides software for sustainability management
Novisto, founded in 2019, is a climate tech startup based in Montreal, Canada. Novisto is a sustainability development platform that helps companies streamline data collection, improve data quality, benchmark performance, and enhance communication with internal and external stakeholders.
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