The climate-tech market may surpass the oil market by 2030

As clean technology prepares to play a significant role in the road to ‘green recovery,’ the market for clean tech globally is projected to overtake the valuation of the worldwide oil market by 2030, according to Business Insider magazine.

In the future, revolutionary concepts will develop more in evolving areas, like renewable energy, sustainable automation, green materials, and low-carbon construction, it was added.

climate-tech, short for clean technology, is being embraced by businesses that are shifting towards eco-friendly sources of energy and technologies across the world.

Meanwhile, the International Energy Agency (IEA), an international organization that supports the planet’s efforts to shift to sustainable energy, revealed in its net-zero scenario studies in 2022 that the worldwide market for clean technology would touch $870 billion by 2030, a rise of more than sevenfold from $122 billion in 2022.

The global body has also been urging nations worldwide to increase their investments in clean energy.

Indian specialists in this domain say that incorporating clean tech is mandatory for recovering green resources and ensuring that the country’s growth story is comprehensive as it battles to counter the ill effects of COVID-19.   

The consensus is that the focus of about 20% of all Indian startups is sustainability, in diverse ways.

About 20% of Indian startups are in sustainability. More companies are coming on board with clean technologies. India is expected to be one of the key markets for investors. India has set an ambitious target for this sector to make the nation net-zero in the coming decades. Growing government support is evident in this direction. This space is worth watching for investors.

Source: mckinsey.com