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Nathan Goode welcomes growth opportunities extra government scrutiny brings
The cleantech sector has been buoyed by government actions on both sides of the Atlantic. While Europe has historically led in green policies, the U.S. has lagged, with partisan politics and resistance to global agreements like the Kyoto Protocol. However, federal inaction doesn’t reflect state-level initiatives or the response of U.S. companies, who are increasingly seizing opportunities. Recently, the White House’s renewed commitment to addressing climate change has further driven progress, offering momentum to the sector and signaling potential for broader action.
In July, the European Commission voted to require member states to increase energy efficiency by 30% by 2030, compared to 2007 levels. While member states won't decide if this is legally binding until October, it sends a strong signal to the market, potentially spurring cleantech investments. The crisis in Ukraine and related sanctions on Russia have raised energy security concerns, accelerating the shift toward a more diverse energy mix. Encouraging businesses and households to reduce energy use will not only lower costs but also reduce demand, aligning both short- and long-term energy objectives.
But perhaps the more surprising news comes from the United States. In July, the US and China – both the world’s largest economies and carbon emitters – signed a series of partnership pacts that seek to limit greenhouse gas emissions. The agreements between companies and research institutions include knowledge sharing around nascent technologies, such as carbon capture and storage (CCS), which could help make coal-fired power stations less polluting. The deal follows regulations set out by the Obama administration that would cut carbon pollution from power plants 30% by 2030 (from 2005 levels).
Action in the US has been slow, but the publication of the Risky Business report last year shows growing public awareness of climate change. The report outlined risks to infrastructure, agriculture, and public health from rising sea levels and temperatures. The White House warns that each decade of inaction could result in a 40% increase in losses and costs due to climate change, impacting property and livelihoods. It also estimates that a 4°C rise in global temperatures would slow the economy by about 3.1%.
But it’s never plain sailing. In July, Australia acquired the dubious distinction of being the first developed nation to repeal a carbon tax. On a per capita basis, Australia’s greenhouse emissions are worse than the USA’s and almost four times higher than the global average.
The renewed sense of urgency from governments in major economic blocs should present growth opportunities for the energy and cleantech sectors. Our Q2 International Business Report (IBR) reveals that cleantech businesses are prepared to meet the challenge. 57% plan to increase their R&D spend over the next year, more than double the global average of 28%. Nearly half (46%) expect to launch new products or services, compared to just 29% globally. Other growth indicators, such as revenues, profits, employment, and investment, remain strong, showing that businesses are innovating while expanding.
Clean technologies offer economies a means of mitigating the impact of energy production on the environment, not to mention the volatility of cost and supply. Notwithstanding a complex mix of signals, it would seem that cleantech continues to have the wind in its sails.