Earth Observation Data to boost climate and nature conservation while fueling $3.8 trillion in economic growth by 2030

Our climate is rushing towards 1.5 degrees Celsius, a benchmark of heating over preindustrial levels. Due to a rise in the global warming levels, a recent study has revealed its estimation that if emissions continue at the same pace as they are happening at present, there is a 50 percent chance of reaching a global annual average of 1.5 degrees C in just six years, a level our world was supposed to reach much later in the timeline. 

Several organisations globally are trying to contain this rise in global warming by developing and evolving technologies. Now, Artificial intelligence is also playing an active role in combatting the issue while boosting the economies too. 

For instance in a recent report, the World Economic Forum talked about how the economic and environmental value of Earth observation (EO) data can generate over $3 trillion in cumulative economic benefits globally by 2030. The report, titled "Amplifying the Global Value of Earth Observation," emphasised how EO data can drive sustainable value while advancing climate and nature solutions.

The report which is a collaborative effort involving 40 industry, technology, and climate leaders, delves into the economic potential of EO technologies across various sectors. It illustrates how the widespread adoption of EO technologies worldwide could accelerate the transition to a nature-positive and net-zero global economy, hence reducing warming. 

“Earth observation is a vital component of the Fourth Industrial Revolution,” said Jeremy Jurgens, Managing Director and Head of the Centre for the Fourth Industrial Revolution at the World Economic Forum. “It converges with artificial intelligence, digital twins and climate technology to offer a powerful toolset for economic prosperity and sustainable growth.” 

While certain sectors such as agriculture, mining, government, electricity, supply chain, transport, insurance, and financial services are poised to reap the majority of the economic benefits of EO data, organisations across diverse industries can also gain these insights. The dual value proposition of EO data, offering both environmental benefits and economic gains, is a key driver behind its potential impact.

Jennifer Steinmann, Deloitte Global Sustainability leader, further emphasised the role of EO data in providing organisations with crucial sustainability insights, aiding in compliance with regulations, and shaping strategies for a nature-positive and net-zero economy.

Furthermore, reports also state that EO data has the capacity to reduce greenhouse gas emissions by 2 gigatonnes annually, equivalent to the combined emissions of millions of gasoline-powered vehicles. Embracing EO data could drive innovation, efficiency, and improved risk management practices.

Despite the vast potential of EO technologies, challenges such as limited awareness, talent shortages, fragmented standards, and market complexities hinder their widespread adoption.