Climate tech is a fast-developing field to help mitigate again the effects of climate change. However, Caribbean countries do appear to be participating as actively as might be expected, noting that the consequences of rising temperatures and greenhouse gas emissions are already evident across the region.
Although summer 2023 is not over, it has been a scorcher across the Caribbean region so far. Further, some countries have been inundated with rain, whilst others have been experiencing an unprecedented and prolonged dry spell. Most people recognise these and other phenomena across the globe as consequences of climate change, which to a considerable degree, is being driven by the increase in greenhouse gases, primarily due to the burning of fossil fuels like coal, oil and gas, and is resulting in increased temperatures and changing weather patterns.
Over the past decade, there have been countless meetings and summits to try to reach consensus and commitments towards lowering greenhouse gas emissions, but the critical mass – and the requisite commitments – needed to achieve effective change have not yet been realised. Thus the status quo remains.
However, for Small Island Developing States (SIDS), which essentially includes all Caribbean countries, the consequences of climate change are becoming more acute. We are not only experiencing hotter temperatures and changes in weather patterns, which in turn is affecting our agriculture sectors, for example, sea levels are also due to the melting ice caps in the North and South Poles, which is affecting marine life and our fishing industries. Ultimately, whether directly or indirectly, the effects of climate change are touching all aspects of our lives.
What is climate tech?
According to PwC, climate tech encompasses activities or applications geared towards reducing greenhouse gas emissions or addressing the consequences of global warming, which in turn can be grouped into three categories. Those that
- directly mitigate or remove greenhouse gas emissions
- help us to adapt to the results of climate change
- improve our understanding of the climate.
Over the past five years, in particular, the field of climate tech has been emerging as an important area of work, with lots of investment capital flooding into the area. In 2023, the size of the climate tech market was estimated at USD 20.34 billion, and it is expected to grow to USD 182.54 billion by 2023 at a compound annual growth rate (CAGR) of 24.5% (Source: Future Market Insights). Most of the major international donor organisations, and even some of our regional donor organisations in the Caribbean, have identified climate change as a priority area and have allocated funds to support climate-related studies, innovation, and projects.
How can the Caribbean tech community get in on climate tech?
Reversing the effects of climate change requires global commitment and response. From all accounts, it is almost impossible that just one country alone, regardless of its size, can change our current trajectory. However, in the climate tech space, one application or innovation can improve the lives and livelihood of a community, a region or even an entire country.
In the Caribbean, there are numerous problems to be solved – many of which are being aggravated by climate change. For example, using the three climate tech categories, possible applications that can be explored or developed in the Caribbean region include the following:
- Reducing greenhouse gas emissions: Decreasing our reliance on fossil fuels through the use of renewable energy technologies like solar, wind, and hydropower; carbon capture and storage technologies and applications, such as using seaweed for example; fostering energy-efficient buildings and transportation.
- Adapting to climate change: Developing new technologies to protect cities from rising sea levels, or to detect subtle yet important changes in our environment facilitate improved pre-emptive actions; developing drought-resistant crops, finding different uses for sargasso that have overrun our seas and oceans; leveraging technology to track and provide more accurate predictions of the changing weather patterns.
- Improving our understanding of the climate: conducting research and studies on different aspects of climate change and its impact on SIDS, or on specific industries or parts of our society; also researching and documenting the long-term impact of specific climate tech applications or innovations in the communities or countries in which they have been implemented.
Further, it must be emphasised that almost all applications are likely to experience significant improvement if ICT is integrated into their design or operation, such as to make solutions more efficient, effective and/or intelligent, or to track, measure and analyse outputs. Moreover, as social, mobility, cloud and big data continue to converge, a powerful nexus of forces is emerging, which according to Gartner, has been driving business innovation and disruption, and is likely to have a similar impact in climate tech.
Key takeaways
In summary, climate change and the impact of climate change may soon be irreversible. However, it is becoming increasingly crucial that we learn how to manage the effects in our own space – meaning our own communities and countries. In addition to the benefits to our societies, there are opportunities to provide solutions that can also be used in other countries, especially other SIDS. Further, there is a demand for solutions with funding being offered to finance proposals, early-stage start-ups, etc.
Having said this, one of the biggest obstacles to success in Caribbean society has been our hesitancy to collaborate. Developing climate tech applications will most likely require a multi-disciplinary approach to ensure that the solutions are robust and effective. None of us is immune from the effects of global warming, so developing strong teams that are working towards common goals will be critical in managing the consequences we are already experiencing.
Image credit: Gerd Altmann (Pixabay)
