New Delhi: Earth observation data could generate economic benefits of more than US$3 trillion globally and help eliminate two gigatons of greenhouse gas emissions annually by 2030, according to a new report from the World Economic Forum.
Earth observation data refers to the collection, analysis, and presentation of information about Earth's physical, chemical, and biological systems using remote sensing technologies.
The report, created in partnership with Deloitte and supported by industry and climate leaders, emphasizes that EO data is a vital tool for economic growth and sustainability.
While some sectors such as agriculture, energy and finance are expected to benefit most from EO data, almost all industries can gain insights to improve operations and reduce environmental impact.
For example, farmers can use EO data to increase crop yields and sustainability practices, while insurance companies can better understand and mitigate environmental risks.The report predicts that the global value of EO data could grow from US$26 billion currently to more than US$700 billion by 2030. This could contribute a cumulative US$3.8 trillion to global GDP and help eliminate over a gigaton of greenhouse gas emissions annually – an estimate equivalent to the annual emissions of 476 million gasoline-powered cars.
The Asia Pacific region is set to gain the largest share of the value of EO by 2030, reaching a potential value of US$315 billion, while Africa and South America are set to achieve the largest percentage growth.
However, challenges such as limited awareness, talent shortage, and fragmented standards hinder the widespread adoption of EO data. To fully realize its potential, collaborative efforts and informed policies are needed to stimulate demand, advance technology and set key standards, the report said."Earth observation is a critical component of the Fourth Industrial Revolution," said Jeremy Jurgens, managing director and head of the Center for the Fourth Industrial Revolution at the World Economic Forum.
“It combines with artificial intelligence, digital twins and climate technology to provide a powerful toolset for economic prosperity and sustainable development,” he said.
“Earth Data is critical in helping organizations understand their impacts and dependencies on nature, comply with sustainability regulation, and shape strategies that contribute to a nature-positive and net-zero economy,” said Jennifer Steinman, Deloitte Global Sustainability Leader. Can play a role."
Earth observation data refers to the collection, analysis, and presentation of information about Earth's physical, chemical, and biological systems using remote sensing technologies.
The report, created in partnership with Deloitte and supported by industry and climate leaders, emphasizes that EO data is a vital tool for economic growth and sustainability.
While some sectors such as agriculture, energy and finance are expected to benefit most from EO data, almost all industries can gain insights to improve operations and reduce environmental impact.
For example, farmers can use EO data to increase crop yields and sustainability practices, while insurance companies can better understand and mitigate environmental risks.The report predicts that the global value of EO data could grow from US$26 billion currently to more than US$700 billion by 2030. This could contribute a cumulative US$3.8 trillion to global GDP and help eliminate over a gigaton of greenhouse gas emissions annually – an estimate equivalent to the annual emissions of 476 million gasoline-powered cars.
The Asia Pacific region is set to gain the largest share of the value of EO by 2030, reaching a potential value of US$315 billion, while Africa and South America are set to achieve the largest percentage growth.
However, challenges such as limited awareness, talent shortage, and fragmented standards hinder the widespread adoption of EO data. To fully realize its potential, collaborative efforts and informed policies are needed to stimulate demand, advance technology and set key standards, the report said."Earth observation is a critical component of the Fourth Industrial Revolution," said Jeremy Jurgens, managing director and head of the Center for the Fourth Industrial Revolution at the World Economic Forum.
“It combines with artificial intelligence, digital twins and climate technology to provide a powerful toolset for economic prosperity and sustainable development,” he said.
“Earth Data is critical in helping organizations understand their impacts and dependencies on nature, comply with sustainability regulation, and shape strategies that contribute to a nature-positive and net-zero economy,” said Jennifer Steinman, Deloitte Global Sustainability Leader. Can play a role."
