Composite Recycling, a Cork-based start-up, has been awarded €50,000 by the European Commission (EC) to recycle whole tyres within 30 minutes using a much cleaner scientific process.
Dublin: 27.04.2015 11.33AM
A new study commissioned by the German government claims that the global market for clean technology is now worth €2trn, having morphed by 11.8pc a year on average since 2007. It also posits that the market will more than double to €4.4trn by 2025.
The GreenTech made in Germany 3.0 - Environmental Technology Atlas for Germany report was carried out by Roland Berger Strategy Consultants in alliance with Germany's Federal Ministry for the Environment.
According to the report, German clean-tech firms currently account for €300bn of the worldwide €2trn figure – that's an almost 15pc global market share.
The report also cites five key 'megatrends' that will help increase the transit towards a green economy. These five areas are demographic change, urbanisation, globalisation, resource scarcities and climate change challenges.
"The economic and financial crisis has not stopped the worldwide expansion of the green tech industry," according to Torsten Henzelmann, author of the study, and head of the Civil Economics, Energy & Infrastructure Competence Center at Roland Berger Strategy Consultants.
While he tipped that growth will be slower than in previous years, Henzelmann said that, by 2025, the expectation is that the worldwide market will double in value to €4.4trn."
According to the report's authors, the five aforementioned megatrends are driving the development of the global market for clean technology and resource efficiency.
"Given the implications of these megatrends, there is no long-term alternative to permanently reshaping the economy in a way that balances economic success, protection of natural resources, social cohesion and the realisation of international responsibility," said Ralph Büchele, principal at Roland Berger and co-author of the report.
"Green tech offers specific solutions for pressing ecological and social challenges and for that reason will continue to gain in importance," he added.
Clean-tech image via Shutterstock