4 Data revolution and environmental sustainability

Transition to the green growth scenario may be fostered by the cutting-edge technology of the near future both in the economic policy and for business enterprises. The collection of large amounts of data and the smart use thereof offer a number of benefits for the economic sectors: according to empirical results, big data and the activities related to the analysis thereof remarkably increase the productivity of companies.

The role of big data is not only important for technological progress: it has also economic relevance. In the past decade, green and sustainable growth (in addition to preserving our natural assets) and technological progress through big data have received special attention. In addition to enhancing corporate productivity, big data also facilitates the environmentally sustainable and socially acceptable development of low CO2 emissions, supporting the creation of environmentally friendly products, industries and business models and thereby further improving standards of living. Due to data availability, overproduction and overconsumption may be reduced. By optimising production processes and decreasing overconsumption higher productivity and greater savings can be achieved.

In this section, we review the current status of the industries with the largest CO2 emissions, examine which technologies are already available now and which one will become dominant in the near future, relying on which green growth in the examined sectors can be achieved. During the industrial transformation induced by the green industrial revolution, modern technology based partially or entirely on renewable energy sources gains increasing ground – in addition to the efficient utilisation of natural assets and the protection of the environment – in the energy sector, transportation, manufacturing, agriculture and also in the services sector.

This chapter focuses on three technologies. The first one is the smart grid, which reduces the overload of the electrical network and provides higher security of supply and lower operating costs. The expansion of car sharing can reduce carbon emissions significantly by curbing car ownership and decreasing traffic. According to the expectations of Morgan Stanley, the rate of car sharing on public roads may reach 20 percent by 2030. As the mega-trend of urbanisation continues and based on the forecasts, the proportion of the world’s population in cities is likely to rise to 70 percent by 2050. As a result, urban development is essential, which can be facilitated by the concept of smart cities. Implementing smart city technologies will result in more intelligent, more sustainable and more efficient urban environments, which ultimately leads to higher living standards.