The report released by the World Economic Forum delves into the economic potential of Earth Observation (EO) technologies across various sectors.
- EO refers to collecting information about activities and characteristics on Earth, both natural and artificial, including physical, chemical, biological and human systems. EO includes:
- Remotely-sensed data which is collected from satellites, piloted aircraft, etc.
- In-situ data is gathered from GPS-enabled devices, Internet-of- things sensors, etc.
Economic opportunities of EO
It would contribute $3.8 trillion to global gross domestic product between 2023-2030. Industries that would gain most from EO–
- Agriculture: to reduce consumption through precision agriculture.
- Electricity and utilities: to forecast the energy potential and operations management for new solar, wind and hydropower sites.
- Mining: to search for rare Earth minerals in old mines and enhance lithium exploration.
Climate opportunities of EO
EO applications have the potential to reduce over 2 billion tonnes of CO2 annually by 2030. Some applications:
- Early warning: better characterize wildfire risk and to spot wildfires faster.
- Environmental impact monitoring: Satellites and aircraft-borne EO sensors can monitor Greenhouse gases.
Challenges
limited awareness of EO applications, shortage of specialized talent, fragmented standards and difficulty navigating the complex EO marketplace, etc.
Global initiatives for EO
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