The market for sustainable technology solutions is growing. For instance, a study by Vantage Market Research found that the green technology and sustainability market was valued at $10.9 billion in 2021 and is projected to reach $44.4 billion by 2028. 

Sustainable Technology: What Is It?

Sustainable technology refers to an invention that promotes social and economic progress while taking into consideration natural resources. These technologies seek to offer sustainable products while significantly lowering environmental risks. Sustainability in technology may be described in several different ways: 

Replacement- This technique promotes switching from non-biodegradable to biodegradable materials in product manufacturing. Additionally, non-renewable resources are replaced by renewable ones.  

Prevention- Through its usage or manufacturing, sustainable technology avoids degradation, pollution, and other detrimental environmental effects.  

Efficiency- The technology is efficient when it comes to the use of energy and resources. 

Examples of Sustainable Technology and Processes

By leveraging cutting-edge technologies and reimagining traditional processes, businesses and organizations are finding ways to reduce their environmental impact while often improving efficiency and profitability. Let’s look at few of these examples: 

Automated Operations

Leaders in this field develop operations and processes that are intrinsically more sustainable—for instance, innovative manufacturing or materials technologies that use alternative inputs to reduce emissions and waste—and as a result, they are rewarded by consumers and investors. Additionally, digital operations may increase corporate resilience; some of the underlying technologies and processes have even become accepted practices. For example, Schneider Electric has evolved from installing industrial electrical equipment to earning money by lowering its clients’ carbon footprints. The more financial benefits Schneider receives from clients and the faster its business grows; the more environmental and social impact Schneider makes through energy savings and carbon reductions. 

Reducing Carbon Emissions 

The measurement of emissions from a company’s products or services is called a carbon footprint.

Three emission scopes are defined: 

Scope 1: Direct emissions from owned or managed sources. 

Scope 2: Indirect emissions caused by purchasing energy. 

Scope 3: All additional indirect emissions linked to the value chain. 

Companies are increasingly adopting carbon neutrality goals for various time horizons, such as 2030 and 2050. Technology is utilized to either prevent these emissions altogether or at the very least capture them and convert them into less harmful substances. 

Currently, factories that remove CO2 from the air are becoming very common. An existing one in Iceland captures 4,000 metric tons of carbon dioxide annually and injects it underground where it is converted into rock. Other facilities are also being built in Spain, the UK, and Norway.

Here are some keyways technology is contributing to carbon emission reduction: 

1. Renewable Energy Technologies:

• Solar panels and wind turbines are becoming more efficient and cost-effective.
• Advanced energy storage systems, like improved batteries, help manage intermittent renewable energy sources. 
• Smart grids optimize energy distribution, reducing waste and improving efficiency.
  
  

2. Energy Efficiency Technologies:

• IoT (Internet of Things) devices and smart home systems optimize energy use in buildings.
• LED lighting and energy-efficient appliances significantly reduce energy consumption. 
• Advanced insulation materials and smart windows improve building energy efficiency.

3. Transportation Technologies:

• Electric vehicles (EVs) and hydrogen fuel cell vehicles offer low-emission alternatives to traditional combustion engines. 
• Improved battery technology extends EV range and reduces charging times. 
• Smart traffic management systems reduce congestion and related emissions.

4. Industrial Process Improvements:

• Advanced manufacturing techniques and robotics optimize production processes, reducing energy waste.
• 3D printing can reduce material waste and transportation-related emissions in manufacturing. 
• AI and machine learning optimize industrial processes for energy efficiency.

5. Carbon Capture and Storage (CCS):

• Direct Air Capture (DAC) technologies remove CO2 directly from the atmosphere. 
• Carbon capture technologies for industrial processes trap emissions before they enter the atmosphere. 
• Advanced materials and processes for storing captured carbon safely underground or converting it into useful products.

Sustainable Technology’s Advantages for Business

Sustainable technology can fundamentally alter how businesses and government operations are done. The goal of sustainable technology is to minimize any negative social and environmental impacts, which is beneficial for a company’s reputation and financial results. 

Every business owner hopes to make the world a better place while respecting moral and ethical principles. By implementing sustainable practices, businesses can remain competitive while helping the environment. Let’s explore the benefits of using sustainable technology in your company. 

1. Simplify Risk Management and Enhance Project Results  

Sustainable technology has the benefit of lowering risks for your company. Utilizing biodegradable and renewable resources can assist your business and the environment by reducing the negative effects of climate change. 

In today’s business world, 48% of companies employ sustainability to boost innovation and productivity. Furthermore, long-term investors are more willing to collaborate with companies that have excellent ESG ratings. With environmentally friendly technology at your disposal, investors will be attracted to your company. 

2. Boost Your Financial Performance  

You can efficiently use resources in your company by adopting sustainable technologies. This greatly improves your bottom line. Profits rise and your business remains competitive when you spend less and make more money. 

3. Attract and Retain Top Talent Excellent  

Employees are difficult to find and retain in the business sector. Utilizing sustainable technology in your company is essential to hiring the best employees. 

Three out of four millennials want to work for organizations with strong ethical and environmental standards. Additionally, a sustainable business model increases employee loyalty. 

Conclusion

There must be a fundamental mentality shift if sustainable transformation is to be effective. Business executives should see the push towards sustainability as a chance to provide value rather than just as a compliance exercise or a cost of doing business. Companies that do this will increase their competitive edge and gain the strength to keep rethinking and reinventing their businesses as sustainability standards inevitably climb in the coming years. eInfochips has years of experience and expertise in Artificial Intelligence & Machine Learning, Internet of Things solutions, Cloud Computing, and Data Analytics, and it continues to provide sustainable technology solutions to its clients. To read more about sustainability, you can read a blog on sustainable AI for environmental protection and development. To learn more about our key offerings and services, you can contact our team of experts here.