Scaling up climate tech is key to ensuring global objectives for a reduction in emissions, according to the CEO of Canadian AI-driven building technology company BrainBox AI.
The relevance of AI in the business landscape is becoming increasingly significant and the technology is proving its worth as businesses look to meet their sustainability goals and strive for net-zero.
AI applications can balance electricity supply and demand needs in real-time while optimising energy use and storage to reduce rates. In a green-energy future, renewable energy will come from a diversity of sources, such as microgrids, wind farms and solar panels. According to A*STAR’s Prof Ong Yew Soon and Dr Lim Keng Hui, the energy generated by such sources is prone to uncertain fluctuations depending on prevailing weather conditions, unlike the more predictable outputs from gas or coal plants.
Research by PwC UK, commissioned by Microsoft, has estimated that using AI for environmental applications could contribute up to US$5.2tn to the global economy in 2030, a 4.4% increase relative to business as usual.
Application of AI could help reduce worldwide greenhouse gas emissions
The research by PwC also suggested the application of AI levers could reduce worldwide greenhouse gas (GHG) emissions by 4% in 2030, an amount equivalent to 2.4 Gt CO2e – equivalent to the 2030 annual emissions of Australia, Canada and Japan combined.
“We absolutely need greater cross-sector collaboration to overcome the barriers that impede the rapid adoption at scale of climate innovation and to realise the full value of the 14 cents of every venture capital dollar spent on climate tech,” said BrainBox AI CEO Sam Ramadori. “We must collectively think about real, concrete ways that we can motivate adoption at scale, particularly in the traditional sectors of our economy that account for an important part of global GHG emissions, but that have not been accustomed to rapid innovation changes.
“This is the only way we can achieve the United Nations’ objective of reducing emissions by 45% by 2030, reaching net zero by 2050, and ultimately saving the human race.”
BrainBox AI says its technology lowers commercial real estate carbon footprints by up to 40% and offers energy cost savings of up to 25%, and will join established industrial technology leaders like ABB and Arup for a series of panel discussions. The companies will together utilise the global COP27 platform to discuss ways in which climate tech can help ensure a low-carbon future.