I am not sure about you, but I think we should all be in panic mode now.
When it comes to tackling the impact of climate change, we have both good and bad news from many sides. The bad news is that we are doomed; this should be obvious. But the good news is that, through the stories that we covered on e27 in February, we see that there had been progress in how we are dealing with this major crisis–one that will determine our survival in the next centuries.
In fact, we can compile the insights that we gathered through our own coverage in the climate tech and sustainability sectors into three neat lessons:
1. Tech industries play a greater role than thought
We can break this down into various verticals and how they give a unique contribution to the fight against climate change. Take an example of this post by our contributor, Elevandi Senior Communications Manager Anthony Caravello.
“The move to a net zero global economy by 2050 will require the greatest reallocation of capital since World War II, coupled with a massive influx of financial innovation,” he writes.
“Fintechs are already playing a role in driving the sustainability agenda. ‘Fintechs for Good’, i.e. fintech [companies] that embed an ESG agenda into their core product portfolio, operations and mission, attracted US$2.1 billion in funding in 2021, and this trend is expected to continue. As sustainability efforts proliferate, a key challenge for all companies would be to demonstrate real impact and self-protect against greenwashing.”
Also Read: SG Budget 2023: Greater push towards net zero provides opportunities for startups
A similar sentiment was also expressed by Michael Sheren, President and Chief Strategy Officer of MVGX, in an interview with e27. With its ability to provide transparency, blockchain definitely has secured a VIP seat in the fight against global warming.
“When I worked in corporate finance for years in the ’80s and ’90s, transparency was the opposite of what they looked for. They tried to keep the information as concealed as possible, hoping that buyers would not ask too many questions. Nowadays, the more open you are to demonstrating how green you are, the better price you get. It’s almost like taking the whole concept of 1980s Wall Street and putting it on its head,” he said.
Consumerism is one of the reasons why we got to this point in the first place. However, retail and e-commerce companies can also play a role in the fight against global warming by transforming the way we shop–starting with highlighting those who are helping us shop differently.
Take the example of Smthgood, a fashion marketplace that is focused on ‘conscious fashion’ brands.
“All brands on the platform have been carefully curated to align with Smthgood’s values based on three factors: what the item is made of, how the item is made, and the impact of the finished item on the environment. Smthgood aims to provide more personalised user experiences with fashion AI tagging and uplift the conscious brands on its platform,” the company says.
2. Must never forget the humans
The fight against climate change goes hand-in-hand with the fight for social justice. Unfortunately, the human element is often forgotten in our quest to find alternatives to existing solutions.
Also Read: Singapore’s climate change: Moving towards net-zero through greener buildings and emerging technology
In many parts of Asia, plastic waste is commonly processed by informal workers who are part of the marginalised society. We recently featured two SEA-based startups–Plustik and TrashLucky–who are looking to empower informal plastic waste workers through their tech solutions.
Laura Benns, Director of Programs, at SecondMuse explains in an email interview the value that startups can provide to informal waste workers–that may not be provided by other institutions.
She highlights that waste management ecosystems are complex, including in Asia where it is mostly run by marginalised members of society. But she stresses that innovative design thinking behind new business models around waste management ecosystems has huge potential to break the mould on who stands to benefit from these innovations.
3. We are in this together
But the best part is knowing that we are not alone in this fight. The appearance of “low-carbon transition” in SG Budget 2023 is a welcome addition by members of the tech startup ecosystem.
For startups working in the climate tech and sustainability sectors, balancing revenue and impact remains the toughest challenges that they are facing, but luckily there is always help around the corner.
“Startups will face the challenge of balancing impact creation and business growth, aligning expectations of stakeholders and business partners, and getting their investors to better understand how impact can translate into enterprise value,” says James Tan, Managing Partner at Quest Ventures.
“With sustainability coming into focus in these few years, the challenge may be slowly mitigating, but investors should put teeth in their commitment to sustainability and impact by actually investing in and supporting the growth of impact-driven startups … Together with our local and international partners in the startup investment ecosystems and social sectors, we are able to support the startups in expanding beyond the local market and pulling together resources to replicate and scale.”
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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.
Image Credit: Antoine GIRET on Unsplash
The post We tried to save the world in February. These are the 3 things we learned about it appeared first on e27.
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