Global investors and governments have united to support and promote "green" projects in a bid to curb the negative effects of climate change amid worries about how non-sustainable business practices could impact the environment.
According to Tech Crunch, private and corporate investors alike are stepping up their game in investing in sustainable-centric projects. The latest data from Bloomberg New Energy Finance revealed that investments on sustainable startups soared by 127 percent last year.
The biggest investment yet was a $1.1 billion grant for View, the smart window-making startup. Second in line is a $795 million investment on China's electric vehicle manufacturer, Youxia Motors.
Over the past few decades, carbon emissions have increased significantly, driving investors and companies to find ways to promote sustainable manufacturing practices and renewable energy. Analysts said this has led to a movement among investors who advocate against the use of coal, gas, and oil to drive economic development.
The U.S. government recently released an assessment that estimated around $500 billion in annual costs by the end of the century if carbon emissions continue to grow. Furthermore, the costs on health and human life quality are also increasing.
Aside from investors and corporations, governments across the world are also working to help curb the effects of climate change. Proposals and reforms are being planned to hopefully reduce carbon emissions.
In South Korea, the Ministry of Trade, Industry, and Energy recently announced a draft of the country's plans to expand its renewable power sources by 2040. It is expected that the use of renewable energy in the country will soar by 7.6 percent if the draft is finalized.
Norway's government announced earlier this month that the country's wealth fund can double investments on renewable energy initiatives. While it appears that the government decided on this move for profit, it is still a good move towards promoting sustainability, analysts said.
China has also been a major player in renewable energy investments. Companies such as Hong Kong-based Oceanix Ltd. has been advocating for sustainable floating cities. While the government has yet to confirm if it has plans to build the world's first floating city, Beijing has been supporting wind power over the past few years.
Beijing recently announced that it will promote the use of wind power in heating systems throughout the cold seasons. The initiative is part of China's efforts in battling pollution and reducing the country's carbon emissions.
Environment advocates acknowledged that carbon emissions made in the past can't be reclaimed but they said governments and companies can work together to at least cushion the environment from further risks.
