About the news
- The World Economic Forum released a report exploring the economic potential of Earth Observation (EO) technologies, which involves collecting data about Earth’s activities and characteristics, including natural and artificial systems.
- EO includes remotely-sensed data collected from satellites and piloted aircraft, as well as in-situ data gathered from GPS-enabled devices and Internet-of-things sensors.
- EO technologies are projected to contribute $3.8 trillion to global GDP between 2023-2030, benefiting various sectors such as agriculture, electricity and utilities, and mining.
- Industries like agriculture can benefit from EO for precision agriculture, while electricity and utilities can utilize it for forecasting energy potential and managing operations of renewable energy sites. EO also aids mining by enhancing mineral exploration.
- EO applications have the potential to reduce over 2 billion tonnes of CO2 annually by 2030 through early warning systems for wildfires and monitoring of greenhouse gases.
- Challenges: Limited awareness of EO applications, shortage of specialized talent, fragmented standards, and difficulty navigating the complex EO marketplace.
| Global Initiatives for EO · MethaneSAT for pinpointing methane emissions, · The Allen Coral Atlas monitoring tool for global coral reef monitoring, and · NASA-ISRO Synthetic Aperture Radar (NISAR) for understanding changes in Earth’s ecosystems, ice mass, and vegetation biomass are advancing EO technologies globally.
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