COP embraces technology, inclusivity and innovation. Here’s why companies should too

2023 was the hottest summer ever recorded. The scorching temperatures were just one among an increasing number of extreme weather events that have underscored the urgent need to tackle the climate emergency. 

This formed the background for the 28th annual meeting of the conference of the parties (COP), the UN’s annual climate change forum. Last year, delegates discussed how to meet climate targets with a focus on technology & innovation, inclusion, frontline communities and finance. 

Encouragingly, nearly every country agreed to ​“transition away from fossil fuels”. 50 national and international oil companies signed a decarbonisation charter, whilst 118 countries pledged to triple renewable energy capacity. There was also progress on the thorny issue of ​“loss and damage,” with the establishment of a new fund to assist nations in dealing with the current and future consequences of climate change. 

Despite this progress, experts have warned we’re almost certainly going to miss the 1.5°C warming limit agreed in Paris in 2015. Progress needs to come faster, which is where companies like CPI come in. We believe innovation can help pull us back from the brink. 

Technology and innovation to benefit everyone

Across all our markets, we strive to help bring innovations that will benefit everyone to reality. Improving agriculture, increasing low-carbon protein sources and diversifying energy storage are particularly important for combating climate change and coping with its consequences, especially for frontline communities.

Even as climate change threatens food production, the global population is growing, making it likely we will need to produce enough to sustain almost 10 billion people by 2050. This is fueling a revolution in agriculture and food production, from digital solutions for smart farming to more natural ways to grow crops, and even the creation of novel foods.

At CPI, we’ve helped scale up the production of a spider venom-based sustainable pesticide, develop biodegradable plastics for plant and tree protection and formulated new ways to grow alternative proteins such as cultivated meat.

When it comes to increasing renewable energy use, some frontline communities may not have the infrastructure required to support the transition. This is where innovative renewable energy solutions can provide answers. We helped TRL9 Ltd develop materials for a prototype solar panel that would supply heat and hot water for people who live off-grid or in impoverished areas by improving a solar panel’s absorption of thermal energy. 

As electric vehicle production increases, new developments in solid-state battery technology could have significant benefits over current, ​‘gold-standard’ lithium-ion rechargeable battery technology. We’ve been working with partners to investigate 3D printing of solid-state battery components and lithium alternatives such as silicon electrodes and sodium-metal-chloride (Na-MTL-Cl) batteries, delivering more powerful, safer and sustainable options. 

Sustainable and inclusive innovation

In striving to make our own biotechnology processes sustainable, one area of particular focus is medicines manufacturing. Alongside bringing innovations to the market that make people healthier, we also consider the health of the planet. 

As a member of the Sustainable Medicines Partnership, we’re using digital experiments to run fewer tests with less materials, employing ​‘just in time’ production processes to reduce waste and develop more sustainable methods of medicines manufacture, from incorporating reuseable plastics to reducing solvent use. 

If you’re going to innovate for the benefit of all people and the planet, you need to be inclusive. At CPI, we understand that to really drive innovation, you need to embrace diverse perspectives. At CPI, we support women and girls in science and have established diversity and inclusion (D&I) affinity groups in our ongoing efforts to create a consciously inclusive environment.

Engaging private sector innovation

The COP28 finance theme underlined that private sector finance is key to addressing climate challenges and building the resilience of climate-vulnerable communities through technology and innovation.

At CPI, we engage sustainable businesses, small-to-medium sized enterprises (SME’s) and entrepreneurs to help bring their innovations to the market. We do this through a mixture of funding, which includes government sources such as the UKRI Faraday battery challenge.

But we also have a venture capital and investment operation under CPI Enterprises. Its portfolio currently includes 12 early-stage deep-tech innovators. 

The themes of COP resonate across our investments and the areas we work in – and so does its ethos. The UN’s global summit is, after all, about cooperation. At CPI we nurture cooperation, collaboration and partnerships to ensure that innovation is at forefront of tackling climate change, one of the toughest challenges of our times.