According to a report by CDP (Carbon Disclosure Project), 299 cities around the globe see climate change as the business opportunity, mainly due to the need of clean tech.
Bloomberg Philanthropies, the New York-based media, and data company sponsored the report that analyzed the data on disclosures about climate change from 7000 cities of the world that have made the commitment through Global Covenant of Mayors for Climate Change.
The report with a title of, “it takes a city, the case for collaborative climate action”, basically analyzes the joint collaboration between city authorities and businesses on decision makings and strategic planning for developing in a way that ensures the reduction in carbon emissions.
Almost, 720 cities are working with private sector to combat the effects of climate change, for instance, the most of the projects relate to the renewable energy, transport sector, construction, waste management, water management, infrastructure improvement, waste recycling and outdoor lighting.
The basic purpose of research report was to analyze the extent to which cities were collaborating with businesses to combat the challenges of climate change such as Green House emissions and global warming or not.
It is encouraging to see that 299 cities see the climate change as a business opportunity due to required innovation to meet the challenges. The insights provided by 399 cities reveal that there are 10,38 business opportunities among which 299 cities find clean tech sector to be more dynamic for boosting economy along with combating the challenges of climate change.
Other ways that can contribute to the increase in economic activity are the increase in efficiency of operations, increase in attention to other environmental concerns, improved efficiency of operations, additional funding options, and increased energy security.
As far as the environmental hazards of industries and technology are concerned the economists have seen heated debates on this matter. It is not possible to prioritize the environmental protection over industrial efficiency as it will increase cost. In the same way ignoring the environmental hazards and allowing industries to utilize energy from fossil fuels in a ruthless way can increase the carbon emissions and global warming.
Every invention comes up with a challenge that becomes a precursor for another invention.Thinking economically is indeed the best solution to this problem but it here we need to think out of the box and devise an innovative strategy that makes the future technological and industrial innovation compliant with the environment.
This will automatically boost the development multi-actors engagement to find a common and applicable solution would be possible and it will ultimately increase the business opportunities.