CLEANTECH
What Is Cleantech?
Cleantech
is technology that places an emphasis on environmentally friendly products, services, or practices
At the same time, they hope to keep Europe competitive in the global sector known as cleantech, an area that includes everything from electric cars … to high-capacity batteries and technologies to harvest energy from new sources like waves and tides.--
Beth Gardiner
In finance, the term cleantech—short for clean technology—is used to refer to various companies and technologies that aim to improve environmental sustainability. Usage of the term has varied over the years, with some users treating it synonymously with terms such as “green technology” to refer to renewable energy sources, new methods of recycling, and other environmentally-friendly practices.
In other cases, the term refers to methods of reducing the negative environmental impact of otherwise conventional technologies such as coal power or natural gas. In this context, terms such as “clean coal” or “clean energy” are commonly used, although many environmentalists question the validity of this usage.
Takeaways
- Cleantech, is a blanket term referring to a wide variety of environmentally-friendly practices and technologies.
- It was originally coined in the American financial sector, and has since coexisted with similar terms such as “green energy” and “eco-technology”.
- Investment in cleantech has increased substantially since the term was first popularized in the late 1990s. Today, cleantech jobs are among the fastest-growing in the United States.
Cleantech, also referred to as clean technology, and often used interchangeably with the term greentech, has emerged as an umbrella term encompassing the investment asset class, technology, and business sectors which include clean energy, environmental, and sustainable or green, products and services.
The term has historically been differentiated from various definitions of green business, sustainability, or triple bottom line industries by its origins in the venture capital investment community and has grown to define a business sector that includes significant and high growth industries such as solar, wind, water purification, and biofuels.
Greentech refers to the use of technology to make positive environmental impacts or reduce negative environmental impacts. This can look like reducing CO2 emissions or minimizing waste in your practices. Greentech is also known as “cleantech” or “environmental technology,” and the terms are often used interchangeably.
From Wikipedia:“Cleantech or clean tech is generally defined as knowledge-based products or services that improve operational performance, productivity or efficiency while reducing costs, inputs, energy consumption, waste or pollution. Cleantech is differentiated from green technology since it generally refers to the emerging financial industry (as opposed to the actual technology in which the industry invests). Specifically, the investment focus includes water purification, eco-efficient production techniques, renewable energy, green technology, and sustainable business.
Greentech Definition
Greentech is the use of technology with intentions to mitigate the effects of human activity on the environment. Greentech can range from hardware like solar panels to programmable thermostats.
The primary goal of greentech is to reduce the negative impacts humans impose upon the planet, like plastic pollution in the ocean, fossil fuel use and deforestation. Producers of green technology work to accomplish this by harnessing the power of renewable energy sources such as the sun, wind, moving water, organic plant material and the earth’s heat. By inventing new methods and products, greentech seeks to identify and replace existing wasteful or harmful habits developed over time to improve the quality of the earth’s environment and course-correct for a resource-rich future. Some specific goals of greentech include:
Sustainability. The act of fulfilling societal needs in a manner that can be utilized well into the future. Preserving resources is key to sustainability.
Cradle-to-Cradle Design. Current manufacturing processes often create products with the ability to be used only a limited number of times, sometimes intending for products to be used just once before disposal. “Cradle-to-cradle” manufacturing replaces this “cradle-to-grave” method of production by shifting focus to creating products that can be reused or recycled.
Innovation. Technology that is in-use today can have catastrophic results on the environment, global health and the survival of future generations. Innovation seeks to replace these technologies with more efficient means through constant research, design and development.
Viability. Viability is created by adopting new methods of green technology, creating new careers that facilitate preservation and designing supportive economic measures that embrace sustainability enable the success of preservation efforts.
Source Reduction. Changing production methods and reducing the consumption of resources in a widespread manner reduces waste and pollution, facilitating the success of conservation efforts. This can be referred to as source reduction.
Types of Green Technology
- Green energy is the development of alternatives to fossil fuels by discovering new and efficient ways of generating energy.
- Green building takes every aspect of sustainability into account when forming new structures, including building materials, choice of land, the use of energy-efficient appliances/equipment and the undertaking of additional measures when possible.
- Green chemistry refers to the invention, design and application of chemicals or reactions that have the capability to replace hazardous materials.
- Green nanotechnology combines green chemistry and green engineering principles to manipulate materials at minuscule scales, leading to revolutionary new means of production.
- Environmentally preferred purchasing is a method of government purchasing that mandates products created through energy-efficient means of production and those containing non-hazardous materials are purchased for use over dangerous or less efficient options.
The term cleantech has its origins in the venture capital (VC) investment community, which began using the term in the late 1990s and early 2000s. It was notably popularized by Nick Parker and Keith Raab, who founded the Cleantech Group in 2002. Today, this organization—a research and consultancy company headquartered in San Francisco—serves as a coordinating body for activities in the sector.
Historically, cleantech was used to refer to a wide range of technologies and practices, ranging from solar and wind energy production to process improvements that can increase efficiencies in supply chains and production lines. Today, mainstream discussion of environmental issues has tended to use terms with a more explicit environmental connotation, such as “green technology” or “eco-friendly technology.” Nevertheless, references to cleantech remain popular in the financial, VC, and business communities.
This movement toward sustainable investing is supported in part by organizations such as the United Nations Principles for Responsible Investing (PRI), which collects and publishes data from a network of over 3,000 participating financial institutions.1
These “signatories” to the PRI agree to adhere to a set of six principles intended to place environmental sustainability at the heart of their investment decision-making process and commit to self-reporting on their progress toward this goal.1 As of January 2020, the PRI’s network of signatories had combined assets under management (AUM) of over $80 trillion, making them an increasingly influential body in the global investment community.
Real World Example of Cleantech
In regard to publicly-traded companies, most of the cleantech companies available to choose from are involved in renewable energy production, such as solar, wind, and hydroelectric power. Examples of such companies include Terraform Power (TERP), based in New York and Alterra Power, based in Toronto (AXY). Investors can also opt for diversified investment vehicles, such as the publicly-traded limited partnership, Brookfield Renewable Partners (BEP).
Another major area of interest concerning cleantech is the steady increase in jobs related to the sector. Some of the many types of positions involved in cleantech companies include solar panel installers, civil and process engineers, technicians, and manufacturing personnel—along with a wide range of trade-related occupations required to install and maintain cleantech facilities.
Jason Fernando Investopedia Cleantech
While no one person or organization is generally credited with coining the term for its current purpose, besides the Cleantech Group, attribution is sometimes also given to energy technology consultancy Clean Edge, whose principals include green business journalist, author and speaker Joel Makower, and Ron Pernick and Clint Wilder, authors of the 2007 book Cleantech Revolution. Before it’s popularization as an investment asset class and technology category, “cleantech” as a word typically referred to dry cleaning or cleaning supplies equipment, as evidenced by the fact that many cleantech related domain names are still owned by companies in those fields.
The sector and the term came into its own in the 2005 and 2006 time frame, when mainstream institutional investors, led by CalPERS and CalSTRS, began allocating investment into venture funds in the environmental, alternative and renewable energy sectors, and adopted cleantech as a term of choice for the description of that asset class, lending credibility to the sector. 2005 also saw the emergence of blogs dedicated to following the sector, the earliest of which included
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· Clean Break by Canadian journalist Tyler Hamilton,
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· Cleantech Blog edited by merchant banker Neal Dikeman, and
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· Cleantech Investing (since acquired by Greentech Media), written by venture capitalist Rob Day, which helped to proliferate the sector and the term.
But possibly most significant, the 2004 to 2006 time frame saw the emergence of financial and capital markets successes in the solar, wind, and ethanol industries that make up large portions of the various cleantech related stock indices, driven by changes in policy incentives and fuels standards in the U.S. and Europe. Other factors attributed as major drivers in that time frame include rising energy and commodity prices, increased consumer awareness of sustainability issues, and the start of the Kyoto Protocol based carbon trading mechanisms. The combination of these events began to attract significant amounts of capital and awareness to the sector.
Cleantech Group also developed within their own definition which includes a market segmentation and taxonomy of what sectors was included in the thecleantech sector. This version has served as a reasonable proxy for an official definition: “Clean is more than green. Clean technology, or ‘cleantech,’ should not be confused with the terms environmental technology or ‘green tech’ popularized in the 1970s and 80s. Cleantech is new technology and related business models offering competitive returns for investors and customers while providing solutions to global challenges. Where greentech, or envirotech, represents the highly regulatory driven, ‘end-of-pipe’ technology of the past (for instance, smokestack scrubbers) with limited opportunity for attractive returns, cleantech addresses the roots of ecological problems with new science, emphasizing natural approaches such as biomimicry and biology. Greentech has traditionally only represented small, regulatory-driven markets. Cleantech is driven by productivity-based purchasing, and therefore enjoys broader market economics, with greater financial upside and sustainability.
Cleantech represents a diverse range of products, services, and processes, all intended to:
- Provide superior performance at lower costs, while
- Greatly reducing or eliminating negative ecological impact, at the same time as
- Improving the productive and responsible use of natural resources.
Cleantech spans many industry verticals and is defined by the following eleven segments:
i. Energy Generation
ii. Energy Storage
iii. Energy Infrastructure
iv. Energy Efficiency
v. Transportation
vi. Water & Wastewater
vii. Air & Environment
viii. Materials
ix. Manufacturing/Industrial
x. Agriculture
xi. Recycling & Waste.
Neal Dikeman Cleantech.org what-is-cleantech
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