Sustainable Development Innovation Solutions 2024 with Green Technology

According to the Open Innovation Report Vietnam 2023, the global market scale of green technology and sustainable technology will amount to 62 trillion USD by 2030. In light of this trend, businesses are compelled to “transform” to meet the demands of consumers.

What is Green Technology?

Green technology refers to a range of products, techniques, and processes designed to provide sustainable solutions. The ultimate goal of green technology is not only to minimize negative impacts on the environment but also to mitigate damages and promote the restoration process.

Green technology is commonly divided into two fields: Climate Tech and Clean Tech. Although there are differences between them, these technologies all focus on addressing environmental damages that have occurred, are occurring, or may occur.

With the remarkable development of Climate Tech, scientists have researched biochar produced from agricultural and forestry waste, helping to minimize pollution and safely store carbon. According to the “2023 Climate Tech Report” by Net Zero Insights, 73% of total funding in 2023 was allocated to climate change mitigation, followed by the circular economy and climate change adaptation.

Furthermore, innovations in sustainable agriculture applying Clean Tech, such as hydroponic farming, help preserve land and water resources while increasing food productivity. Additionally, the Energy Technology Perspective 2023 report also indicates a forecasted 60% increase in solar panel production by 2030.

These examples demonstrate the flexibility and potential of green technology in addressing global climate change challenges.

Strategic steps of the Misty City in implementing Clean Technology

Dalat has long been known as a serene green city. However, rapid industrialization and urbanization have posed numerous challenges to the operation of the city’s water drainage, collection, and treatment systems.

Frequent incidents require significant financial expenditures for troubleshooting and repairs. To ensure efficiency, Dalat City has invested in installing automatic monitoring stations, prioritizing industrial zones. Additionally, Lam Dong Water Supply and Drainage Joint Stock Company has applied Green Technology solutions from iLotusLand.

The iLotusLand for Environment software, employing IoT platforms, facilitates real-time environmental data monitoring while measuring relevant parameters and indices. This optimization enhances wastewater discharge quality and enables proactive responses to incidents, reducing costs and enhancing efficiency in data monitoring and management, laying the groundwork for sustainable development in the Misty City’s future.

Innovative strides in sustainable fashion industry

Faslink is a pioneer in applying Clean Technology, primarily in recycling and waste management in the Vietnamese fashion industry. Faslink has collaborated with Singtex, a leading provider of green fibers in Taiwan, to supply the S.Café® fiber fabric line certified in Vietnam.

The S.Café® technology, invented in 2008, utilizes plastic bottles and coffee grounds to produce fiber, offering superior features such as sweat absorption, body odor control, breathability, quick drying, and UV protection. The S.Café® fabric processing method has been environmentally recognized, reducing carbon emissions by 50%, saving 30% energy, and 70% water usage in the dyeing process.

As a frontrunner in R&D in the fashion industry, Faslink, during the signing ceremony, also concurrently signed a Memorandum of Understanding for strategic cooperation with the BambuUp Innovative Connection Platform to enhance the team’s innovative capacity, further driving R&D activities and technology application in the fashion industry. This is also the next strategic step for Faslink in promoting sustainable development in the Vietnamese fashion industry.

FPT accelerates in the Net Zero race

On February 26, 2024, FPT Corporation and Siemens Vietnam signed a memorandum of understanding for cooperation in developing sustainable infrastructure and industries in Vietnam. Particularly, FPT and Siemens join hands in developing smart buildings and green data centers. Through AI and Green Technology applications, Siemens has enhanced energy usage control and management in FPT’s buildings, making them more sustainable and efficient.

These AI applications can analyze historical data, learn human habits to predict and adjust device activation/deactivation. Overall, artificial intelligence systems in buildings can autonomously manage lighting, heating, and cooling, expected to help buildings save 20% of their annual energy consumption. This not only reduces carbon emissions but also creates a livable and workable environment in buildings.

Golden Opportunity for Vietnamese Businesses to Grow Green

Despite the clear benefits, many businesses express concerns that pursuing Net Zero goals may negatively impact their financial situation. Conversely, several studies also indicate that this is a golden opportunity for businesses to grow green.

In recent years, the trend of sustainable consumption has become imperative. According to the 2024 Consumer Trends report by Euromonitor, 64% of consumers strive to improve the environment through daily activities. However, 45% of survey participants feel “isolated” on their journey to address climate change issues.

Consumers, laborers, and even investors, shareholders all play crucial roles in driving ESG and Green Technology. This places a pressing demand on businesses to minimize or eliminate additional sources of damage from energy production and pollution to retain customers and attract talent.

In the “greening” journey, the role of corporate leadership is paramount. Leaders play a vital role in fostering a corporate culture that embraces green technology. This requires commitment from leadership and investment in research to enhance the team’s innovative capacity to implement green technology solutions effectively.

This necessitates partnerships with research organizations, expert teams, and other resources. From the stories of FPT and Faslink, it can be seen that connectivity within the innovative ecosystem helps businesses not only enhance competitiveness in the market economy but also reinforce their mission in promoting sustainable development.

For further insights into Green Technology and sustainable technology, refer to the Vietnam Open Innovation Ecosystem Report 2023. The report provides a strategic database for businesses in Vietnam, consolidating potentials and challenges for enterprises and corporations through detailed analysis of global innovation trends and technology, as well as specific situations in Vietnam. Additionally, the report also proposes methods and guidelines to support businesses in driving the innovation process.