There is a climatic problem affecting the world. The past 12 months have been the hottest ever, and there will be consequences both environmentally and economically if we don't make a course correction. But every crisis, despite its difficulties, presents opportunities for growth and innovation.
For this reason, I brought together Sunita Narain, Mirik Gogri, Navroz Dubash, and Bhumi Pednekar, four climate experts, to discuss where and how today's entrepreneurs can collaborate to address climate change. We hope that today's twenty-something business owners will read this, use their imaginations, and develop long-term, viable solutions for the future.
1. Decentralised Energy’s Rural Potential
One of the most promising opportunities for development lies in decentralised energy solutions that improve rural productivity and agriculture, which is the backbone of rural economies. Navroz rightly pointed out that some companies have demonstrated the immense potential of renewable energy in rural settings by providing solar-powered cold storage for medicines and vaccines, improving agricultural processing, and enhancing overall productivity. These initiatives emphasise the importance of not only technological innovation but also the establishment of institutional and social structures necessary for sustainable development.
2. Energy Transition
India is in the process of transitioning from fossil fuels to renewable energy sources. This shift provides a great opportunity for entrepreneurial innovation. The government is actively promoting the use of solar and wind energy, creating a favourable environment for developing and deploying new technologies that can harness these resources more efficiently. There are numerous opportunities available in this field.
3. Unsustainability of Li-Ion, Rise of Grid Storage
Lithium-ion batteries have been at the forefront of technology in the quest for sustainable energy solutions, powering everything from mobile phones to electric vehicles. However, their long-term sustainability is questionable due to limited lithium resources, environmental concerns in lithium mining, and recycling challenges. This predicament presents a golden opportunity for entrepreneurs to explore and innovate in grid storage solutions.
Grid storage technologies, such as flow batteries, compressed air energy storage, and thermal storage, offer promising alternatives. They can store energy more efficiently, for longer periods, and with less environmental impact. For entrepreneurs, this sector not only presents a chance to contribute to a sustainable future but also to tap into a market with immense growth potential, especially in a country like India where the demand for reliable and green energy is increasing.
4. Bioenergy and Waste Management
Bioenergy and waste management are critical components of India's green revolution. The country's vast agricultural landscape and urban waste problems provide a unique opportunity to convert waste into energy. Entrepreneurs can innovate in biogas production, waste-to-energy technologies, and biomass energy solutions. These initiatives not only help manage waste but also contribute to the energy supply, supporting the national grid and reducing reliance on fossil fuels.
The Road Ahead
To conclude, I would say the climate crisis is upon us and I encourage entrepreneurs to seek answers that work for India and work with our country’s unique strengths and challenges. Our journey towards sustainability is marked by frugal engineering and localised solutions that cater to the specific needs of our diverse population and it should continue to do so.
Think local, think jugaad and do your bit.
Nikhil Kamath is co-founder & head of trading at Zerodha. Views are personal, and do not represent the stand of this publication.
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