"Opportunity" is probably the most frequently heard word in the Green Tech sector: the sphere in which companies develop technological solutions and services for the ecological transition. And let us warn you: opportunity will also be the most repeated word in this article.

When we talk about the environment or climate action, the word opportunity is used because these areas require investment and the creation of new businesses. Opportunity because Europe, and consequently Biscay, remain firmly committed to achieving the main goal of the Green Deal: reaching climate neutrality or net-zero emissions by 2050. In other words, by then, we must be able to emit only as many greenhouse gases as nature (forests, oceans, and soil) can absorb.

It is a massive challenge that, according to experts, requires the combination of technology, demonstration spaces, and investment.

GREEN TECH

Creating technology-based companies dedicated to this cause is essential for many reasons. The most obvious is that the emergence of a new sector specializing in environmental solutions generates numerous job opportunities. Another crucial reason is that the more entrepreneurship there is, the more competitive the region becomes.

And we’re talking about a competition at the highest level.

Europe needs renewable energy because it needs energy self-sufficiency. Beyond environmental concerns, this is a matter of geopolitical strategy. Only in this way can we reduce our dependence on major fossil fuel-exporting countries.

Technology is (surprise!) our greatest ally in strengthening this sector. Companies are already incorporating artificial intelligence into the development of new materials. Sensors and blockchain are also being used to track and manage waste life cycles.

And this represents a huge opportunity. For instance, only 12% of waste generated nationally is reused or recycled. This means there’s a 90% window of opportunity to boost circular economy initiatives focused on waste.

Recently, Biscay’s Department of Economic Promotion has launched Smart Grids Academy, an international platform aimed at training professionals in smart electrical grids, another area where technology plays a key role in fostering ecological transition.

In Biscay, the B Accelerator Tower serves as the main hub for startups in the region. It’s a kind of flagship for entrepreneurship, offering valuable local and international networking opportunities. Green Tech entrepreneurs also have a place there.

THE IMPORTANCE OF DEMONSTRATION SPACES

One of the biggest challenges, according to experts, is the lack of patents. “We conduct a lot of research, but we’re not translating it into practical applications; we need to be able to scale real projects to an industrial level,” says Olga Martín, General Director of Aclima, at the IV Basque GreenTech & Green Ups event.

Among the key drivers (understood as opportunities) are the end of internal combustion engines, the goal of reaching 40% renewable energy use by 2030 (currently at 20%), the need to retrofit buildings to achieve zero emissions, the Carbon Border Adjustment Mechanism (which sets a fair price on emitted carbon to promote cleaner industrial production), the need to provide transparency in supply chains for consumers, and the potential of eco-design in products and services.

And that’s not all. There are also opportunities in the circular economy regulations for plastics, land-use changes and forestry for CO2 absorption, biodiversity restoration, and integrating nature into urban environments.

On this last point, a clarification: integrating nature into cities isn’t just about making them greener, though that would be beautiful. Imagine twelve-story buildings covered in cascading greenery, in true Singaporean style.

When we talk about integrating nature into cities, we mean harnessing rainwater, offsetting unavoidable CO2 emissions, and much more.

Because let’s not forget: clean air is a fundamental right recognized by the United Nations.

GREEN, LIKE MONEY

It’s clear that bringing technology-driven proposals to life and turning them into real industrial solutions requires money. A lot of it.

In this regard, public policies, particularly grants and subsidies, play a crucial role. In Biscay, several public programs are already in place, ranging from environmental tax incentives (deductions for investments and expenses related to environmental projects) and green investment grants to projects aimed at improving the region’s forests, the true lungs of our home.

Of course, public institutions cannot take on this challenge alone. Private companies and every individual on this planet must also do their part. Let’s start with a collective reflection. And speaking of opportunities: this could also be a great chance to create a more conscious and collaborative society.