Key Impact Points:
- Economic Surge: EO data projected to grow from $266 billion to $700 billion by 2030, adding $3.8 trillion to global GDP.
- Emission Reduction: Potential to cut 2 gigatonnes of emissions annually, equating to the emissions of 476 million gasoline cars.
- Cross-Sector Benefits: Agriculture, financial services, and other industries can significantly benefit from EO data adoption.
A new World Economic Forum report reveals the transformative potential of Earth observation (EO) data, which could drive over $3 trillion in cumulative economic benefits globally by 2030. This data, crucial for sustainable growth, offers significant advantages across various sectors.
Economic Surge
The global value of EO data is expected to rise from $266 billion today to $700 billion by 2030, rivaling the GDP of medium-sized economies. “Earth observation is a vital component of the Fourth Industrial Revolution,” said Jeremy Jurgens, Managing Director and Head of the Centre for the Fourth Industrial Revolution at the World Economic Forum. This growth could contribute $3.8 trillion to global GDP between 2023 and 2030, with the Asia Pacific region capturing the largest share.
Emission Reduction
EO data can eliminate up to 2 gigatonnes of greenhouse gas emissions annually, equivalent to the emissions of 476 million gasoline-powered cars. This substantial reduction underscores the environmental impact EO data can achieve.
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Cross-Sector Benefits
Six sectors—agriculture, mining, oil and gas, government, electricity, supply chain and transport, and financial services—stand to capture 94% of the projected economic value of EO. For example, in agriculture, better information on plant health can improve yields and promote sustainable farming practices. “As EO data approaches mainstream accessibility, organizations across nearly all industries stand to benefit from these valuable sustainability insights,” said Jennifer Steinmann, Deloitte Global Sustainability leader.
Challenges and Opportunities
Despite its promise, increasing EO data adoption faces challenges like limited awareness, talent shortages, fragmented standards, and a complex marketplace. Informed policy-making and leadership are crucial to overcoming these barriers. Collaborative action across the value chain, focusing on stimulating demand and advancing enabling technologies, is essential for realizing EO’s full potential.
Conclusion
Earth observation data is a powerful tool for driving sustainable economic growth and environmental benefits. By addressing adoption challenges and leveraging its potential, we can pave the way for a nature-positive and net-zero global economy.
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