Decoding tech-driven climate solutions through climate-tech entrepreneurship

Climate tech entrepreneurship involves the creative endeavour of establishing business initiatives focused on implementing technologies tailored to tackle climate change and advance environmental sustainability. As an illustration, innovative approaches like cool roofs and reflective coatings for structures, aimed at lessening urban heat island impacts and decreasing temperatures in urban regions facing heat waves, exemplify this form of entrepreneurship.
Unlike traditional startups, climate tech ventures are inherently mission-oriented, attracting entrepreneurs passionate about safeguarding the planet and society from the ravages of climate change. However, navigating the complexities of climate tech entrepreneurship, particularly in countries like Bangladesh, presents unique challenges intertwined with climate vulnerabilities and poverty.
The country, being one of the largest emitters of greenhouse gases and home to the highest number of people vulnerable to climate shocks, needs innovative solutions to mitigate environmental risks, foster economic resilience, and promote social well-being. The pressing need for climate-tech-entrepreneurial education has never been clearer, as the Covid-19 pandemic has accelerated this technological revolution, propelling businesses into the digital sphere.
Technology-empowered entrepreneurship holds the promise of revitalising societies and economies, as articulated by Awan in 2023. Climate tech entrepreneurial organisations endeavour to forge carbon-free communities and tackle associated challenges head-on.
Digital imperatives and sustainability are converging, gaining momentum across diverse sectors. Scholars like George and colleagues in 2021 have emphasised the potential of digital technologies in combating climate change by fostering sustainability.
In 2022, Rathnayaka & Roca spotlighted a seismic shift: the surging focus on entrepreneurship, particularly in technology-driven ventures. This trend revolutionises the technological landscape and yields substantial benefits for national economies.
Aligned with Schumpeter’s concept of creative destruction, it introduces groundbreaking ideas that reshape business models, methods, and practices.
In Dhaka, the capital city of Bangladesh, a burgeoning wave of tech-entrepreneurial endeavours is driving innovative climate resilience initiatives. Dhaka city has witnessed the rise of urban sustainability initiatives like porous pavements, green facades, and blue belts, championed by scholars such as Mukherjee & Hyde, Zinia & McShane, and Chowdhury.
Climate tech entrepreneurs in Dhaka spearhead solar energy initiatives, installing panels to generate power, reduce greenhouse gas emissions, and cut logistical expenses. Concurrently, waste management activities emerge as significant community-driven efforts, with solutions ranging from biogas generation to clean water supply management. These efforts, centred on infrastructural and architectural adaptations, are pivotal for communities grappling with the escalating impacts of climate change.
By leveraging technology to bolster climate resilience and promote sustainability, Dhaka sets a precedent for urban areas worldwide grappling with similar challenges.
Climate tech entrepreneurs also have been leading the charge towards a more sustainable future even beyond Dhaka. Rajpur village stands as a notable example, inspired by the Mannan Foundation’s healthcare centre to undertake tailored architectural ventures in 2018. From infrastructural adaptations to architectural innovations, communities are embracing sustainable solutions to adapt to the impacts of climate change.
Rainwater harvesting initiatives for conserving water, supporting green ventures, and mitigating drainage costs are undertaken by the coastal areas of Southwest Bangladesh communities. Initiatives like the tech project National Agricultural Technology Program- Phase II (NATP-2) project are paving the way for innovative solutions, such as roof gardens, to address food security and nutrition challenges in urban environments, as introduced in Islam’s 2020 research. In addition, the integration of IT and R&D technology is shaping sustainable climate-change strategies, as highlighted by Khan’s study in 2022.
These climate tech entrepreneurial endeavours, showcased in case studies and real-world applications in Bangladesh, exemplify a steadfast commitment to combating climate change through innovation and community engagement.
Abbas’s insights in 2018 illuminate promising dimensions of technopreneurship, inspiring innovative minds to forge a digital society aligned with smart city development. In fact, the transformative potential of climate tech entrepreneurship extends beyond environmental benefits. It holds the key to addressing unemployment, poverty, and hunger while fostering economic development and social inclusion.
Governments can play a vital role in creating an enabling environment for innovation, facilitating technology transfers, and supporting innovation ecosystems. Similarly, the private sector, civil society organisations, and scientific research institutes can leverage their resources and expertise to pilot and implement social entrepreneurial initiatives for addressing climate change and its associated challenges.
Climate tech entrepreneurship is not just a pathway to sustainability; it is a catalyst for transformative change. The convergence of climate and technology offers a beacon of hope in the face of escalating climate change. Climate tech entrepreneurship presents a dual opportunity: to address the urgent challenges posed by climate change while driving economic growth and innovation. However, to realise this potential, concerted efforts are needed to support and scale up climate tech initiatives.
Dr Nusrat Hafiz is working as an Assistant Professor of Entrepreneurship and International Business at BRAC Business School, BRAC University. She earned her PhD in Strategic Management from Putra Business School, Malaysia.
Dr Tarnima Warda Andalib is working as an Assistant Professor at BRAC University. She earned her Doctoral Degree in Technology Management from Universiti Malaysia Pahang with Doctoral Scheme Scholarship and PGRS Grant, and afterwards worked as a Post-Doctoral fellow at Universiti Sains Malaysia in the Tech SMEs’ entrepreneurial bricolage area.
Views expressed in this article are the authors’ own.