El Niño. Drought. Wildfire. Massive flooding. Pollution. Water shortage. Loss of biodiversity. Environmental issues are endless and they pose a real threat not just in Thailand but around the world.
But technology, according to the United Nations Environment Programme (UNEP), is key to addressing environmental degradation, climate change, food scarcity, waste management and other pressing global challenges. In short, technology has profoundly shaped society, the economy and the environment.
Businesses around the world are now heading full gear towards the implementation of technology to make the world greener. According to the UNEP, technologies such as artificial intelligence (AI), machine learning, blockchain, Internet of Things (IoT) and geo-spatial mapping are powering the fifth industrial revolution and have the potential to help overcome the climate goals. These technologies are also powering organisations to solve traditional problems.
In order to support green technology solution and innovation providers regionally and globally to drive their companies’ sustainable missions forward, The FinLab — an Innovation Accelerator by United Overseas Bank (UOB) — launched The Greentech Accelerator programme which focuses on green tech solutions including energy efficiency, zero-waste supply chain, carbon management and reporting.
“According to the ‘2022 UOB SME Outlook Study’, 45% of SMEs surveyed believe having a sustainable core will benefit their business with multinational companies that are now working towards their own sustainability goals. However, many small businesses have raised concerns about a lack of knowledge and limited resources,” said Shannon Lung, head of The FinLab.
“The Greentech Accelerator aims to respond to this challenge by mentoring innovative green tech solutions from around the world to offer relevant, deployable and cutting-edge solutions to meet the ESG needs of SMEs and businesses locally and overseas.”
To help these green tech start-ups and SMEs grow and expand their businesses, the three-month programme includes total funding of up to S$150,000 to tackle real-world challenge statements; valuable insights through educational environmental, social and governance (ESG) and business masterclasses, talks and webinars; mentorship and peer-to-peer learning facilitated by UOB, the industry and institutes of higher learning; and a strong network of partnerships to build an ecosystem of industry leaders.
Having participated in The Greentech Accelerator programme is Upcyde, a start-up company committed to addressing climate change by providing sustainable solutions that reduce greenhouse gas emissions and promote environmental conservation.
Realising the gravity and severity of agricultural and fruit waste management issues that cause climate change and air pollution, Upcyde provides solutions that significantly contribute to communities in their battle against the climate crisis by addressing agricultural waste management. With over 290 communities and more than 1,000 farmers benefitting from the company’s solutions, the project helps these communities convert waste into valuable resources and subsequently reducing carbon emissions. The company’s green technology also helps with the transition to a low-carbon economy and mitigates the impacts of climate change, safeguarding the planet for future generations.
“By implementing innovative technologies, Upcyde enables sustainable income generation and promotes environmental sustainability at the grassroots level,” said Mild Karoon-ngampun, chief executive officer of Upcyde.
With the circular economy and waste-to-value mindset, the start-up collects leftover fruit peels from local farmers, communities and canned fruit factories across Thailand to upcycle and transform them into valuable and functional items such as dog collars, blankets, lounge chairs, coffee tables, card holders, sneakers, watch cases, luggage tags, tray sets, passport covers, tote bags and wine bags.
Through Upcyde’s participation in The Greentech Accelerator programme by UOB Singapore, the company gains access to potential networking opportunities and support for its global expansion plans, particularly in the Southeast Asian region.
Also providing a green tech solution for SMEs is Build3 Technologies, a start-up company established last year with an aim to develop solutions to equip Thai organisations with technological tools to reduce carbon footprint and to achieve the Sustainable Development Goals (SDGs).
And to reach the Net Zero goal, it is paramount that businesses are able to evaluate their carbon footprint. Such a belief paved the way for the development of cWallet, a greenhouse gas accounting system for organisations. The cWallet allows businesses to track their carbon activities in real time with automated dataflow. It also enables organisations to monitor and control carbon emissions timely and effectively.
“The cause of global warming comes from greenhouse gases. Green technology plays critical role in tackling climate change because it can help to reduce and remove greenhouse gas emissions, and promote sustainable future,” said Natalie Lerthatasilp, co-founder and CEO of cWallet.
Leveraging the power of data visualisation and artificial intelligence, cWallet offers a full suite of robust features that meets on-ground operations. Apart from monitoring carbon emissions and visualising the trend through the solution’s analytic dashboard, cWallet also manages carbon footprint and carbon credits in one platform via data integration and traces emission sources with insight reports.
With the implementation of cWallet, businesses will eventually be able to reduce energy costs, curb their carbon footprint and reach the Net Zero target.
According to Upcyde’s CEO, companies and start-ups in the green tech sector actually face various challenges including securing adequate funding for research and development, overcoming regulatory barriers, scaling up operations and gaining market acceptance.
However, through initiatives like The Greentech Accelerator programme, companies receive valuable support, including networking opportunities and access to resources, to navigate these challenges and accelerate their growth.
“This collaboration strengthens our capacity to scale its impact and effectively contribute to addressing climate change challenges,” Mild added.
Natalie added that Thailand is among the voluntary carbon market countries, where carbon reporting is not required by the government. Accordingly, there is a low incentive for companies to measure their carbon emissions and take serious action towards carbon mitigation.
Despite these challenges, there are a number of companies aware of low-carbon movement pushes by the buyers and carbon tax for exporting goods.
“With the implementation of cWallet, millions of companies can track carbon emissions and meet regulatory requirements, and make Net Zero emissions goal possible,” she noted.
“One of the biggest challenges is that green tech businesses require substantial cost for research and development. The government grants and funding for green technology are not very accessible for start-ups as well as small- to medium-sized companies that find it difficult to access green loans. Every change in business requires significant investment. Without good incentives or strong government initiatives, it is very challenging for green technology to be widely adopted and reach commercialised production where entry price is low.”
10 most worrying environmental issues among Thai people
- Global warming 49%
- Air pollution 35%
- Climate change 30%
- Inefficient waste management 22%
- Traffic congestion 19%
- Overuse of natural resources 17%
- Drought 17%
- Flooding 13%
- Contamination of pesticides in food 11%
- Ozone depletion 11%
Data from a 2022 research carried out by Marketbuzzz in collaboration with the School of Global Studies, Thammasat University.
Green tech: Fast facts
- Developing countries are now chasing after investment in green technology.
- In 2020, the global market growth in green tech was estimated at US$1.5 trillion. It is expected to reach $9.5 trillion by 2030.
- The United States, Sweden, Singapore, Switzerland and the Netherlands are the five most prepared countries to use, adopt or adapt to frontier technologies, which will be essential to the green tech transition.
- Based on the sum of rankings of 166 countries, a number of countries in Asia performed better than expected, including India (55th), the Philippines (57th) and Vietnam (45th).
Data from the United Nations Conference on Trade and Development (UNCTAD).
This article is part of a 20-part series that explores what it takes to create and secure a sustainable future. In collaboration with UOB. You can view the whole series here.
