Trend four
Green tech adoption accelerating
The convergence of growing global sustainability demand and rapidly evolving technology are creating increasingly lucrative opportunities for businesses to capitalise on the global green economy. Global investment in solar power recently surpassed investment in oil production for the first time and reached an average of $1 billion per day.1 This rapid growth will accelerate across the global economy, particularly in the energy, construction and automotive sectors.
Clean energy tech adoption accelerates: In 2021 renewable electricity generation rose by almost 7%, a record 522 terawatt-hour (TWh) increase, with wind and solar PV technologies together accounting for almost 90% of this growth. China was responsible for more than half of renewable electricity generation growth in 2021, mostly due to record wind and solar PV capacity additions in 2020. The United States and the European Union were responsible for 8% of the growth each.2
Greener construction and buildings: On average, buildings account for approximately 40% of total carbon emissions. In Europe alone, it is estimated 35 million buildings need to be renovated to improve energy consumption before 2030, creating 160,000 new jobs in the construction sector. Green building growth and jobs are also expected to accelerate in other regions as governments take action to reduce building carbon footprints.3
A reinvention of the automotive industry: Electric vehicle (EV) share of global auto sales is likely to grow from ~7% today to nearly 90% by 2050. Although EV adoption is relatively low today, 29% of consumers are interested in purchasing an EV and another 24% are considering hybrid electric vehicles. In response to growing tailpipe emissions regulations, automakers and their suppliers are going all in with capital investment expected to reach $108 billion by 2030.4
1. Wall Street Journal 2. International Energy Agency 3. European Commission 4. Morgan Stanley 5. World Economic Forum 6. US Green Building Council
The green transition could create up to 30 million jobs globally in clean energy, efficiency and low-emissions technologies by 20305
Employers are concerned an inability to attract talent (53%) and skills gaps in local labour markets (60%) will be the greatest barriers to their business transformations5
Three in four workers (79%) say, other things being equal between the two different job offers, they would take a job in a LEED-certified building over one in a non-LEED-certified building.6
GLOBAL GREEN BUSINESS TRANSFORMATION WILL CREATE UP TO 30 MILLION NEW JOBS BY 20305
