Page 17 - Issue 3 2023

OPINION

Climate technology: it’s about so

much more than just saving the planet

By Matthew Cruise, Head of Business Intelligence, Hohm Energy

e live in a rapidly warming world. Whatever the shrinking number of climate
change sceptics might try and tell you, that’s no longer in doubt. Globally, 2022
Wwas the sixth warmest year on record. It was also a year in which a number of
places recorded their highest-ever maximum temperatures, including Cape Town.
The effects of that rapid warming are becoming increasingly catastrophic too. The
floods which devastated KwaZulu Natal in April last year were undoubtedly made worse
by climate change, as is the drought which has brought Nelson Mandela Bay to the brink
of its own Day Zero.
When it comes to mitigating, and perhaps one day even reversing, that warming
and its effects on the world, climate-forward technologies (including PV solar) will be
critical. But those technologies aren’t just about saving the planet. They also represent Matthew Cruise
an opportunity to boost economic growth at a time when that’s not easily achieved, to
grow employment, and to build up desperately needed skills in the markets where they’re
needed most. companies running smoothly. The electric
and hydrogen fuel-cell vehicles that will
The economic power of climate tech eventually dominate our roads will also
One of the biggest drivers of the climate tech advances we’ve seen in recent years has need new specialist job functions.
been money. As the world looks to divest from carbon-intensive industries, the money Building up the skills required for
has flowed into climate-positive industries, including the climate tech sector. In 2020, for these functions could also provide a
example, the Scottish Widows Fund announced that it would dump £440m of company massive boost to both the country’s
holdings that failed its Environmental, Social, and Governance (ESG) tests. A year later, economy and job numbers. A skilled and
ABP (one of the world’s largest pension funds) announced that it too would stop investing accredited solar PV installer, for example,
in fossil fuels. China, meanwhile, pledged to stop financing new coal projects in 2021. is in a much better position to start a
All of that money has had to find other places to go and one of the biggest business than a coal miner. There are
beneficiaries has been climate tech. It should hardly be surprising then that estimates dozens of other examples which show
from McKinsey suggest that next-generation technologies could attract between US$1.5 why investing in climate tech is so critical
trillion and US$2 trillion of capital investment per year by 2025. to the future not only of South Africa but
Given that South Africa reportedly needs about R1.5 trillion (US$84 billion) for its own the world as a whole.
energy transition, it would only make sense for it to do everything in its power to attract
the money available for investments, including creating the best possible conditions for Help build the future now
the manufacturers, sellers and installers of climate tech. The imperative should be even The great thing is, you can help build that
greater when you remember that climate tech – including wind, solar PV and energy future right now. By investing in climate
management tools – represents the fastest and most affordable way out of the country’s technology for your own home, you’re not
ongoing energy crisis. Getting out of that crisis is, in turn, critical to revving much-needed only making your home greener, less grid
economic growth. reliant, or reducing your energy bills. You’re
also helping grow the businesses, big and
Building skills, creating jobs small, that will be critical to creating a
But climate tech can do much more than that. It’s also essential to creating much-needed prosperous future for South Africa.
jobs and building up skills that will increasingly be in demand in South Africa in the near Climate change is one of the biggest
future. By one estimate, renewables alone could create around 250 000 jobs in 25 years. existential threats humanity faces as a
In a country with an unemployment rate north of 32%, that’s not to be sneezed at. species and we all have a role to play in
As important as they are, renewables aren’t the only avenue for job creation when it addressing it. But in doing so, we can
comes to climate tech. Skilled installers, for instance, are required for energy management enjoy direct benefits as consumers, while
devices such as geyser timers. And as those devices become smarter, they’ll require support. also contributing to economic, job, and
That’s to say nothing of sales staff and all the various other functions needed to keep skills growth.

SUBSCRIBE FREE EngineerIT Issue 3 | 2023 | 17