6 Climate Tech Predictions For 2024

SUMMARY

Despite policies in place to support industries such as electric mobility and alternative sources of energy, the climate tech sector has yet to make an impact

Industry experts foresee the climate tech landscape to continue its rapid evolution in 2024 with AI expected to play a crucial role in tracking emissions and monitoring them

As part of our Indian Tech Outlook 2024 series, Inc42 talked to several sectoral experts to understand the climate tech trends that will shape the forthcoming year, and here’s what we have learnt

When we began this year, one of our many predictions for the tech ecosystem included this claim: “Climate Tech’s Moment In The Sun”.“We are seeing a lot of investments going into electrolyser technology globally and India is showing promising growth. When we were looking at green hydrogen initially, we thought it would be primarily for exports but I think India itself is now focussing on bringing in green hydrogen within its ecosystem,” Mittal added. “These are considered frontier technologies, where significant market mechanisms and substantial financing are yet to fully materialise. However, this situation also presents a unique opportunity for creating innovations and realising substantial returns over the next several years,” Bansal told Inc42.Experts also believe that there is an increasing focus on supplements such as alternative sources of meat, protein supplements, and other supplements such as collagen. D2C brands like OZiva and Cureveda are witnessing increasing traction. Besides, the likes of MuscleBlaze and Boldfit have also started diversifying their product offerings with plant-based supplements. Avaana’s Bansal said, “Predictive modelling and decision-making are key for planning effective mitigation and adaptation pathways, and AI tools are stepping up to the task. In areas like financing, credit underwriting, and parametric insurance, AI is enhancing decision-making processes and accelerating these critical functions.”“It’s not easy for funds to be specialists in life sciences, pure climate tech, hardware or deeptech and carbon credits. It took a while for VCs to get familiar with other sectors too, so the process has begun and we will see more specialist funds in the coming months,” Kahn told Inc42 earlier this year.“Climate tech is not a vertical play. It’s a horizontal opportunity because it affects everyone and all businesses will need to adopt some form of climate tech to remain sustainable in the future,” according to Siddhanth Jayaram, cofounder of carbon credits startup Climes.

But as it turned out, 2023 was one of the slowest years in the past decade for climate tech funding. Amid the ongoing funding winter and a slowdown in climate tech funding globally, Indian climate tech startup funding fell almost one-third year-on-year (YoY) in 2023.

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