What is clean technologies, also known as ‘cleantech’?

Investment in cleantech

Nuances aside, the sector that seems to encompass this concept is in good health. The Energy Technology Perspectives 2023 report, published by the International Energy Agency (IEA), estimates that the global market for clean energy technologies will be worth around $650 billion by 2030. This means a three-fold increase in the current volume of business, although this is subject to countries implementing the energy and climate plans they have announced.

Spain’s Opportunity to Lead Investment in Cleantech

BBVA Chair Carlos Torres Vila spoke on Monday on Spain’s opportunity to lead investment in the clean technologies required for the decarbonization of the economy. In his view, if the implementation of the EU Net-Zero Industry Act is ambitious in Spain, the country’s leading innovative companies will be able to invest in cleantech and place it in a better position compared to its European peers.

Joining Cleantech for Iberia

BBVA has recently joined the alliance ‘Cleantech for Iberia,’ which has the support of Breakthrough Energy, an initiative founded by Bill Gates. The main goal is to create a global center that consolidates the Iberian peninsula’s position as a leader in the cleantech sector.

Increasing Investment in Clean Technologies

Investment in clean technologies in the Iberian Peninsula has increased six-fold in the last five years, reaching €676 million in 2022. A total of 160 companies have already invested in the cleantech sector and it is estimated that 600 more will do so in the coming years.

The Growing Trend of Cleantech

The trend over time is clear. “There is a steady increase in investment in clean energy and decarbonized technologies, which has been growing steadily since the Paris Agreement,” says Fresco, who has first-hand knowledge of the subject, as Avaesen leads the Cleantech Climate Launchpad clean technology business idea competition at the national level. “Startups are showing an increasing orientation towards technology and a greater readiness to face the demands of today’s market. Clearly, more and more young people are joining cleantech entrepreneurship, bringing a distinctive technological approach to this dynamic landscape,” says the association’s general manager.

The Link Between Cleantech and the Climate Challenge

Researcher Covadonga Pevida also notes the rapid progress of cleantech. “Those of us who have worked with coal or fossil fuels see that commercial denitrification (DeNoX) or desulfurization (DeSoX) technologies have been developed for many years to remove nitrogen oxides and sulfur oxides.” But she believes that the discussion around cleantech now goes further than that.

Today, the concept cannot be decoupled from the climate challenge facing the planet. “Cleantech challenges are intimately linked to the climate challenge facing humanity,” Fresco points out. “We have to make a radical change in technologies in 30 years and to do that requires a huge amount of investment, far above what we are investing now.”

SDGs, Targets, and Indicators

1. SDG 7: Affordable and Clean Energy

   • Target 7.2: Increase substantially the share of renewable energy in the global energy mix
   • Indicator: Proportion of total energy consumption derived from renewable sources

2. SDG 9: Industry, Innovation, and Infrastructure

   • Target 9.2: Promote inclusive and sustainable industrialization and foster innovation
   • Indicator: Manufacturing value added as a proportion of GDP and employment

3. SDG 13: Climate Action

   • Target 13.2: Integrate climate change measures into national policies, strategies, and planning
   • Indicator: Number of countries that have communicated their first or second nationally determined contributions

Analysis

The article discusses investment in cleantech and its potential for growth. Based on the content, the following SDGs, targets, and indicators can be identified:

1. SDG 7: Affordable and Clean Energy

The article highlights the global market for clean energy technologies, indicating a three-fold increase in the current volume of business. This aligns with SDG 7, which aims to ensure access to affordable, reliable, sustainable, and modern energy for all.

2. SDG 9: Industry, Innovation, and Infrastructure

The article mentions the opportunity for Spain to lead investment in clean technologies, which would position the country’s innovative companies in a better position compared to its European peers. This relates to SDG 9, which focuses on promoting inclusive and sustainable industrialization and fostering innovation.

3. SDG 13: Climate Action

The article emphasizes the need for a radical change in technologies to address the climate challenge facing humanity. This aligns with SDG 13, which aims to take urgent action to combat climate change and its impacts.

Table: SDGs, Targets, and Indicators

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Source: bbva.com

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