G7 Summit 2024: Policymakers need to encourage innovation
June 14, 2024 | Jimmy Jia
The 50th G7 Summit is being held in Borgo Egnazia, in Apulia, from June 13–15, 2024. Addressing the challenge of climate change is embedded deep within the G7 agenda and in the lead-up to the main summit:
Finance ministers have stated they are tracking the initiatives for a just transition towards a net zero economy.
Energy and environment ministers reiterate their commitment to a science-based approach to the interlinked issues of climate change, biodiversity loss, deforestation, desertification, and drought2.
Foreign ministers are fostering global partnerships to tackle global challenges, including climate change3.
Indeed, the climate concern is a global concern, where the entire global economy is mobilising to respond.
How the decisions made at G7 will impact the built world: from Proptech founders to Landlords
The built environment consumes 40% of global resources, so it’s on the critical pathway to a net zero future.
In 2021, our research, Real Estate and Environmental Performance — Bridging the gap with Proptech, pointed out that the global population is expected to reach 9.77 billion by 2050, with all of that growth taking place in urban settings. With energy ministers specifically identifying the need for efficient and smart urban energy transitions, the pressure on global resources will only increase.
Technology can contribute to achieving social aims of equality and access while ensuring enough resources for future generations; and the transition technologies of the future economy are being invented today.
While real estate is one of the largest consumers of environmental resources globally, it is promising that there exists a plethora of technologies and practices that can achieve net-zero carbon. As the G7 convenes, we encourage policymakers to encourage innovation and adoption of technology within the built environment. Some of the topics we’d like to see addressed are as follows:
Encourage data-driven policies and decision-making. The Internet of Things (IoT) has enabled sensors to be deployed everywhere, and GenAI has made it possible to make responsive decisions to changes in the environment. Countries should invest in innovations that improve data within decision-making.
Job creation and training technical expertise. The new technologies being implemented will only increase the demand for expertise in high-paying technical jobs. For a just transition, countries should invest in the real estate sector as it will see an increase in green jobs.
Encourage green innovations and business models. As demand for urban spaces grows, the demand for new technologies will also increase. Countries should invest in innovation ecosystems that generate new technologies to help with the transition.
The transition economy
At Pi Labs, we are a purpose driven investor that is proud to be investing in such innovative technologies that fit into the transition economy. Some examples are set out below:
Health Tech: Monitoring and improving the spaces for inhabitants and users of buildings
Airmo: Greenhouse gas monitoring from space
“Airmo works with companies to monitor and reduce their emissions to fight climate change by measuring greenhouse gas concentrations in the atmosphere accurately, globally and near real-time using satellites and novel LiDAR instrument to assess their emissions in the most precise way, allowing better decision making on emissions management and an acceleration of the transition to a Net-Zero-Future.”
Untap Health: Viral Outbreak Early Warning System
“Untap provides a pathogen monitoring service to reduce transmission of infectious diseases within communities. Through wastewater surveillance technology, they provide an early warning system, detecting the presence of carriers whether they are asymptomatic (no symptoms), pre-symptomatic (up to a week before symptoms appear) or Symptomatic.”
Data and Insights: Supporting data-driven decision-making by providing actionable information.
Omnevue: Non-financial reporting tool enabling greater ESG impact
“Omnevue provides affordable and reliable CO2e and ESG performance reporting solutions. Think of them as the QuickBooks for all things ESG. Their software engine connects to the company’s financial, HR and other data sources. Then it quickly collects, analyses and reports on it – to international accounting standards.”
Kamma: Driving the built environment to Net Zero through unique data and insights
“Kamma combines cutting-edge technology with market-leading data and analytics to provide solutions for property licensing compliance, climate risk reporting, and green mortgage uptake. Their advanced property data and technology benefits letting agents, lenders, investors, asset managers, agents, landlords, housing associations, and more – with solutions to resolve challenges ranging from securitisation and net zero targets through to property licensing compliance.”
Supply chain: Improving the management of materials entering the built environment
Responsibly: Fast AI for greener supply chain insights
“Responsibly offers AI-enabled sustainability due diligence of every supplier. From human rights compliance to decarbonization targets and sustainability reporting; they help companies take control of their supply chain. Their AI finds 100% of a supplier’s risks and communicates actions automatically, enabling powerful insights on every supplier pre-engagement and automating engagement to improve their performance.”
Tangible: Understanding embodied carbon performance
“Building materials are responsible for approximately 11% of all global greenhouse gas emissions. For context, flights are 2.5% of global emissions.
Tangible is a platform that helps collect, analyse and use construction data to make smarter decisions. The team started Tangible because there wasn’t a good way for real estate developers and owners to manage and reduce their emissions from building materials at scale.”
Building an innovation ecosystem
Climate change is a critical challenge for the global economy. While governments are planning a just transition to a net zero economy, so too should the innovation economy.
At Pi Labs, we are proud of being part of the innovation ecosystem for the built environment, imagining the urban landscape of tomorrow. As we do with all of our investments, we’re encouraging the policymakers at the G7 Summit to look beyond just what’s needed today and set policies that encourage the use and development of innovative technology. It’s the technology of tomorrow that will help us create a digital and sustainable built world fit for generations to come.
