High Technology in a Sustainable Society

Sustainability is no longer simply a catchphrase; it is a powerful environmental, economic, and social force that is altering nearly every aspect of our daily lives. This is evident across the board in business, where adopting sustainable practices is no longer only "good to have" but rather a "must do" as the negative effects of climate change become more pronounced and ominous, with the potential to affect everything from supply chains to profitability.

Industries that determine where we work and play, what we eat, and how products and services are moved, like manufacturing, transportation, agriculture, and construction, are responding to the call. Despite having a significant impact on our lives, industrial firms have a significant negative impact on the environment. We need to have a clear awareness of the scope of the issue at hand to effectively reduce the negative effects that they cause. Understanding these baselines is essential for setting new goals, much alone achieving or exceeding them, even though it can be challenging to measure.

Technology will undoubtedly play a crucial role in finding a solution to this global issue, despite the fact that it is complex, diverse, and will take place over many generations. Technology can improve production, efficiency, and cost savings, decrease product waste, chemicals, and resource consumption, measure, evaluate, and track progress, all of which can help lessen the impact on the environment. However, it is not a panacea.

With the push and pull with technology's advancements to date, there are some great innovations that have brought society closer to our global sustainability efforts. Here are five sectors where we have made this type of progress:

1. Public electric transport

With 160 electric and hybrid vehicle models already on the market, it's not just individual car owners who have easier access to EVs than ever before; municipalities are also taking notice. Every day, 300,000 electric buses rumble across Chinese cities. They are being widely adopted in China, which is both an economic and a political victory, and this will inspire European towns to do the same. These eBuses have greater acquisition costs because of the up-front costs associated with the batteries, but because they are not dependent on expensive diesel, their total cost of ownership (TCO) is cheaper. Additionally, they get rid of local particulates like SOx, NOx, and CO2, which are currently big problems in most cities.

2. Electric-powered trucks

Commercial fleets might quickly follow suit as electric vehicles quickly gain market share. But we need a clear understanding of the total cost of ownership to facilitate a smooth transition. Years ago, the cost of adopting electric trucks on a large scale seemed prohibitive. However, due in part to the increasingly affordable and readily accessible electric vehicle infrastructure, the total cost of ownership may soon be comparable to that of diesel-powered trucks. By 2030, some markets may see battery commercial vehicle adoption overtake EV sales, particularly in the light-duty sectors. A charging station every 80 to 100 kilometers on well-traveled roads will be sufficient for the early stages of adoption, despite the fact that many heavy-duty BECVs will need to recharge in the middle of the road, according to our analysis.

3. Cheap energy storage

The market for lithium and cobalt batteries has expanded quickly along with their pricing thanks to the new era of electric vehicles. Compared to just nine years ago, the price of lithium ion batteries has decreased from $1,000 per kilowatt-hour to $200 per kilowatt-hour. Battery market growth affects more than simply electric vehicles (EVs). They are being more widely used as energy-storage solutions by businesses and utilities. Batteries are proven useful to lower power costs, boost dependability and resiliency, and make power systems more flexible to run since their prices are rapidly falling. But utilities will need to adapt swiftly because cheap energy storage is widely available. One solution is to switch from a variable pricing structure to a set cost for grid access (like cable TV), particularly if people start producing their own energy. Another is to improve circuit-by-circuit nodal planning in grid-planning methodologies.

4. Long-term storage

The market also wants solutions that address long-term storage needs caused by seasonal shifts and extended periods when the sun does not shine and the wind does not blow. Lithium-ion batteries are great for addressing short-term storage needs (4-5 hours) that frequently arise (20-200 times per year). Hydro-power dams were historically one of the only ways to control these seasonal fluctuations. If not, the system would have to construct a large number of plants that only function a few days out of the year. Fortunately, a new generation of inventors thinks long-duration storage solutions are almost ready. Malta, which uses molten salt to store renewable energy, was just spun off by Google X. Antora Energy is developing a low-cost thermal battery for grid-scale energy storage in an effort to address the same issue. And Lightsource, which is financed by BP, is expanding solar projects with storage. It is evident that the cost of electricity will dramatically decrease if long-term energy storage is successful. By incorporating less expensive generators like solar and wind into the power supply, these long-term solutions could reduce costs associated with the under-utilization of assets during and remove those costs altogether.

5. Plastic recycling

Only 16% of the 260 million tons of plastic garbage produced annually worldwide is recycled. The plastics industry has the chance to switch from a "take, make, and dump" business model to a circular one that aspires to reduce waste across sectors while generating advantages for the economy, society, and the environment. Pyrolysis is a promising cyclical process that turns plastic waste back into liquid feed-stock by using heat and an oxygen-free environment. Both economic and environmental benefits result from recycling, with a recycling-based profit pool expected to reach $55 billion over the next ten years. 

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