In the year 2022, what technology will bring new solutions to the fight against climate change?
Electric vehicle adoption, climate-monitoring satellite launches, and next-generation floating wind farms…
With the introduction of new technical solutions to address the planet’s climate catastrophe, 2022 appears to be an exciting year. Technological advancements that will necessitate substantial financial backing from government and the banking sector. Banco Santander plays a significant role as a global leader in funding sustainable projects and renewable energy sources in this sector.
Climate change will be one of the key themes of economic, technological, scientific, and political forums throughout this year, with the goals of the Glasgow Climate Pact on the table and many scientific publications on the horizon that will provide lots to talk about in February and March.
In an interesting analysis, Adam Vaughan, an expert at NewScientist magazine, compiles the most important inventions to bear in mind for the year ahead, including those that will have the greatest impact on the battle against climate change and the reduction of humanity’s carbon footprint. Here are a few examples:
Wind turbines that float.
This is not a new technology; in fact, the North Sea is one of the global epicenters of this technology due to its shallow depth. However, by 2022, its application will have expanded to include deeper waters. They are currently bidding for at least £24 million per year in subsidies to build them over a ten-year period from the UK. And the technology is about to be utilized in other countries: Spain’s BlueFloat Energy recently announced two big projects for Australia, the country’s first, while Shell, the Anglo-Dutch oil giant, is pressing forward with its floating wind turbine project in South Korea.
It isn’t so much a technology as it is a real need. Recovering green spaces and halting environmental deterioration are two excellent ways to contribute to global cooling. That is why, by 2022, a new global diversity accord will be required, which will encompass everything from tree planting and soil health to species conservation and ecosystem restoration.
Nuclear power’s next generation
The European Commission decided, rather controversially, by the end of 2021 that nuclear power was suitable for “sustainable finance,” dividing public opinion once more. This industry is predicted to regain momentum in 2022. Rolls Royce expects regulatory permission for its tiny nuclear power plants in the UK in roughly five years; EDF Energy aims to build a second plant in the UK; and, perhaps most intriguingly, the world’s first nuclear fusion power plant is scheduled for this year.
The focus has shifted to the stars in an attempt to use space to combat climate change. NASA, for example, has already launched a slew of satellites to track everything from tropical cyclones to ocean eddies. Environmental organizations are also involved in this field, such as the Environmental Defense Fund in the United States, which wants to launch a satellite into space in October to detect methane plumes.
Jet fuels that are environmentally friendly
Air traffic is one of the most significant causes of pollution and the source of a significant portion of greenhouse gas emissions. However, as compared to initiatives in land vehicles to employ more sustainable fuels or biofuels, their utilization in aviation is low. It accounts for only approximately 0.1 percent of total fuel burned for flights throughout the world. Airlines must use at least 5% biofuels by 2025, thus 2022 should be a significant year for achieving this goal, beginning with the establishment of specialized production plants in this area.
Heat pumps are used to generate heat.
This is a fantastic solution because it is a low-carbon heating system. In the next 12 months, new advancements in this area are likely to emulate the instant-on capability of gas boilers, while energy firms will aim to cut installation costs.
Automobiles that run on electricity
By 2022, 260,000 electric cars are expected to be sold in the United Kingdom alone, but market analysts predict that this figure will be far exceeded due to the sheer volume of new models expected to be released throughout the year, including those from the two largest automakers, Volkswagen and Toyota. Globally, though, growth will be uneven: electric vehicles are predicted to account for more than 65 percent of new car sales in Norway, while the UK is still struggling to improve on its ten percent.
And how is this going to be paid for?
To create and channel the cash necessary to develop all of these green efforts, new technologies to address climate change will require considerable financial backing from both the public and private sectors.
Santander is the global leader in funding sustainable and renewable energy projects, with a green finance budget of €120 billion between 2019 and 2025 and up to €220 billion in 2030. This is in addition to the issuing of Santander Sustainable Bonds, which were created in accordance with the “Green and Social Bond Principles 2018,” as well as Santander’s Responsible Banking strategy, which aims to deploy additional money for responsible and sustainable initiatives.
All of this is part of our commitment to support a green economy, with the goal of achieving net zero carbon emissions across the Group by 2050 and being carbon neutral by 2020, both in our own operations and in all of our customers’ emissions resulting from any of the bank’s financing, advisory, or investment services.
Article Author Gerluxe Image: uq.edu