Green Technology

Key Takeaway:

The goal to keep global warming at less than 1.5 degrees Celsius above pre-industrial levels seems increasingly out of reach. Still, green tech is gaining momentum given its proven ability to cut costs, increase efficiency and innovate with multiple use cases in materialized and dematerialized solutions.

Trend Type: Technology

Sub-trends: Green Tech, Sustainable Technology, Bio-based Matrials, Tech Climate Commitment, Eco banking, Regenerative AgTech, Product Longevity

April, 2023 • Less than 6 min read

One key example of the impact of green tech is how the cost of solar and wind power has fallen drastically in recent years, making renewables cheaper than fossil fuels. McKinsey estimates the switch from fossil fuels to renewable energy will help economies save $12 trillion globally by 2050. Within it, two promising technologies are arising: green hydrogen – a new clean-burning energy source that allows energy from renewables to be captured and transported long distances – and nuclear fusion – which can generate more power than is required to kickstart the fusion process.
Investments in sustainable technology have the potential to create excellent operational resiliency and financial performance while providing new avenues of growth. Gartner predicts that by 2025, 50% of CIOs will have performance metrics tied to the sustainability of the IT organization. Deloitte’s 2022 CxO Sustainability survey found that technology executives viewed net zero as a more urgent priority: they were 13% more likely to target net zero by 2030 and 24% less likely to push that goal past 2030 – or have no plans. Deloitte Global predicts that in 2023, the tech industry will move faster on climate action than non-tech industries. By “move faster,” they mean that more tech companies say they’re aiming for net zero by 2030 than non-tech companies.
But to understand the impact of technology in reaching sustainable goals, one has to look from a broader perspective to include the leading trends in both material and dematerialized initiatives.
For instance, regarding sustainable technology, several solutions are already increasing IT services’ energy and material efficiency, enabling enterprise sustainability through technologies not only in renewable energy but also regarding traceability, analytics, and others. Technology is also helping customers become more sustainable through apps, software, or marketplaces. One upcoming trend in 2023 includes how more finance apps are now allowing users to make eco-friendly decisions. Banking and sales apps are pushing consumers to be more sustainable by offering features that positively impact the environment. These include everything from clothing resale functions to making eco-conscious investments.
On the other hand, in the face of a looming recycled plastic shortage, more consumer and fashion brands are reducing their dependence on plastic by turning to bio-based materials. Providers are transforming substances derived from natural sources like mushrooms and seaweed into next-gen materials. And as the supply is still far off to meet such a demand, many other bio-based options are also gaining traction, including sugarcane, soy, corn, cork, etc.; therefore, bio-based materials are quickly becoming a trend in 2023.
Other sustainable initiatives include how fashion and food giants turn to regenerative agriculture to slash large amounts of CO2 out of the atmosphere and tie it back into the soil. According to Fast Company, industrial farming is estimated to account for roughly 30% of global carbon emissions, 70% of freshwater use, and 60% of biodiversity loss. Regenerative agriculture implements and optimizes practices such as planting trees among crops, minimizing plowing, avoiding synthetic fertilizers and pesticides, and using rotational grazing techniques. And as a consequence of such a need, many startups now offer enabling technology.
Lastly, and in line with the Wise Spending trend, consumers are reviewing their consumption and prolonging their goods’ longevity using high tech. For that reason, we have seen several examples of high-street brands bringing repairs to the mass market via in-store options and craft and repair product availability. By contributing to the product’s active users, brands are helping customers reduce energy consumption, use of raw materials, and natural resources.

Use Cases

Apple Recycling Robots

SUSTAINABLE TECHNOLOGY: Apple uses robots for recycling. Taz is a machine that uses new shredder-like technology to separate magnets from audio modules and recover more rare earth elements. The company also recently expanded the capabilities of its patented iPhone disassembly robot Daisy to take apart 23 models of iPhone, and has offered to license those patents to other companies and researchers free of charge. Daisy can disassemble up to 1.2 million phones each year, helping Apple recover more valuable materials for recycling. The company has offered to license the patents related to Daisy for researchers and other electronics manufacturers developing their own disassembly processes. An additional robot, Dave, disassembles Taptic Engines, helping to recover valuable rare earth magnets, tungsten, and

Notpla

BIO-BASED MATERIALS: Notpla provides seaweed-based food packaging and an edible bubble for containing liquids. It has raised nearly $20M in equity funding to date and secured a grant from Innovate UK (the UK government’s innovation agency) in partnership with UK beverage company Lucozade Ribena Suntory.

Twig App

ECO-BANKING: Twig, a UK-based fintech company, has launched a mobile banking app that allows users to cash out on their used items instantly. Unlike other resale apps, Twig aims to be a full-fledged financial platform (not a retail site) that contributes to the circular economy. This free fintech app is easy to use and boasts a refreshingly simple UX design. All users have to do is upload photos of their “pre-loved” items, which are immediately analyzed by Twig’s machine learning algorithms and given a price tag. If users are pleased with the offer, they can cash out instantly, receiving a payment for their goods before any shipment is required.

FLIT Invest App

ECO-BANKING: The ‘FLIT Invest’ app is an investment platform for those looking to align their values with their investments without having to worry about sacrificing on returns. The app works by enabling users to get started by ranking their values related to clean water, climate solutions and green energy before being paired with a personalized portfolio. The automated investment app also covers social and welfare issues with options like the Affordable Healthcare investment theme and the Military Weapon industry exclusion. These aspects provide investors with a guilt-free investment experience that will also enable them to track their impact according to their specific investments and goals.

Patagonia's Cotton

REGENERATIVE AGTECH: Outdoor clothing brand Patagonia aims to use 100% regenerative cotton and hemp by 2030 and helped launch the Regenerative Organic Certified program to encourage these practices. The company debuted the first products from its regenerative cotton crop initiative in spring 2022 — a program that now includes 2,200 farmers.

NIKE's Longevity Lab

PRODUCT LONGEVITY: Nike is taking a high-tech approach. In its London store in late 2022, the brand piloted its Bot Initiated Longevity Lab, known as BILL, a “robot-augmented system” that can repair and clean customers’ sneakers. The in-store robot identifies areas of wear and tear during a 3D scan, which can then be repaired  with a patch of the shopper’s choice.

Apple Self-Repair

PRODUCT LONGEVITY: Apple rolled out its self-repair service in Europe. The service, which first launched in the United States earlier in 2022, gives iPhone 12 and 13 and some MacBook owners access to repair manuals plus more than 200 individual parts and tools to fix their own devices.

SeaCell

BIO-BASED MATERIALS: SeaCell a biodegradable and compostable seaweed-based fabric The range of brands using SeaCell demonstrates the versatility of the material — examples include CALIDA (lifestyle), WYLD1 (activewear), Speidel (lingerie), and Fair Trade Cashmere (knits). Similarly, Keel Labs (formerly AlgiKnit) produces seaweed-based fibers to be an alternative to nylon and polyesters. It has raised $17M in total funding, including a $13M Series A round that drew participation from fast fashion retailer H&M.

Use Cases

Apple Recycling Robots

SUSTAINABLE TECHNOLOGY: Apple uses robots for recycling. Taz is a

Notpla

BIO-BASED MATERIALS: Notpla provides seaweed-based food packaging and an edible bubble

Twig App

ECO-BANKING: Twig, a UK-based fintech company, has launched a mobile

FLIT Invest App

ECO-BANKING: The ‘FLIT Invest’ app is an investment platform for

Patagonia's Cotton

REGENERATIVE AGTECH: Outdoor clothing brand Patagonia aims to use 100% regenerative

NIKE's Longevity Lab

PRODUCT LONGEVITY: Nike is taking a high-tech approach. In its

Apple Self-Repair

PRODUCT LONGEVITY: Apple rolled out its self-repair service in Europe.

SeaCell

BIO-BASED MATERIALS: SeaCell a

Sub-Trend Sources
Green Tech: WEF Technology to Watch 2023
Sustainable Technology: Gartner Strategic Trends
Bio-based Materials: CB Insights 11 Tech trends to watch closely in 2023
Tech Climate Commitment: Delloite TMT Predictions 2023
Eco Banking: Trend Hunter Trend Report 2023
Regenerative Agtech: CB Insights 11 Tech Trends to Watch Closely in 2023
Product Longevity: Wunderman Thompson The Future 100