Clean technology has emerged as a major global market. Over the next 10 years, an estimated $6.4 trillion will be invested worldwide.
Clean technology includes recycling, renewable energy (solar power, biomass, biofuels, bioenergy, wind power, hydropower, and others). Clean information technology includes, green transportation, electric motors, green chemistry, lighting, and many other appliances that are now more energy efficient.
It is also a means to create electricity and fuels that create a smaller environmental footprint and helps minimize pollution. Clean Technology is also applied to make green buildings, transport and infrastructure both more energy efficient and environmentally benign.
Anabel Gonzalez, senior director for the World Bank’s Global Practice on Trade and Competitiveness said:
“Fostering home-grown clean-tech industries in especially in developing countries can create a sustainable and wealth-producing sector of the economy, while simultaneously addressing such urgent development priorities as access to clean and affordable energy, clean water and climate-resilient agriculture.”
Clean technology now covers a vast diverse range of products, services, and processes that harness renewable materials and energy sources that dramatically reduce the use of natural resources, and cut or eliminate emissions and wastes.
They are competitive with, if not superior to, their conventional counterparts. Many also offer significant additional benefits, notably their ability to improve the lives of those in both developed and developing countries.
Investments in clean technology have grown considerably since coming into the spotlight around 2000.
According to Bloomberg New Energy Finance, wind, solar, and biofuel companies received $281 billion in new funding in 2012 as continuing climate change policies have encouraged investment in clean technology and in renewable energy.
By 2018 it is forecast that the three clean technology sectors, solar photovoltaics, wind power, and biofuels, will have revenues of $425.1bn.