Greta and the new economy

The Prime Minister announced £1 billion in funding for new efforts to tackle the Climate Emergency prior to the annual gathering of world leaders at the United Nations in New York. During the UN General Assembly, the Prime Minister was meant to have committed £1bn in funding for UK inventors for high-tech initiatives in fields such as renewable energy and the reduction of environmental pollutants.

The climate ‘debate’ is not new.  The responses of Governments are not new and we have seen schemes to support wind power, solar panels and electric vehicles, all driving innovation.  There have been a wide range of relevant policies to reduce our climate impact and in particular to reduce our carbon emissions, all of which have modified the marketplace.

The majority of Governments around the world accept that climate change is “real”, but that the measures to combat the problem are inadequate and are behind the curve in their timing.  Most analyses indicate we are unlikely to achieve the climate goals agreed at the UN. Set against this situation climate change activists have become increasingly vocal.  There has been an impressive response amongst the young, the high school students, the voters of tomorrow, who now challenge Governments to act on behalf of the inheritors of the earth.

In a recent announcement the UK Government has made over £1 billion available for research into solutions to carbon emissions and climate change.  This commitment represents a significant step-up in R &D into the technological solutions to climate change, the impact of climate change and the mitigation of the problems caused.

The funding proposed is significant, but according to analysts a fraction of what is required if global temperature rise is to be limited to 1.5 degrees C.  The groundswell for change is growing and is likely to encourage more Government action to support those sectors of the economy which are helping in the reduction of our carbon footprint.

In a variety of ways the news for innovators and businesses looking to develop new products for the environmental sector is very promising.  There is Government support for R&D.  The funding creates business opportunities and jobs in the energy sector, in engineering, in IT and controls and in environmental monitoring.  While change is challenging, opportunities are created for technology development, for new players to enter the market and for the market to be restructured in response to public needs.

The industrial revolution and the IT revolution radically changed the economic structure of Britain.  Both created great wealth on the back of innovation.  Climate change is a threat, but a response from our innovators across the sector can usher in both a safer world and a new sustainable economy. The current situation creates a great opportunity for businesses and technologists.  The injection of Government funding will both accelerate the development of relevant solutions and help businesses define the low carbon market for the future.

MSC R&D can help you identify and access the funding appropriate for your tech business. Why not talk to us now on 0114 230 8401, or email businessdevelopment@mscbdg.co.uk