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This week In  #CleanTech July 30, 2017

Here is your weekly roundup of the unique, hottest stories related to cleantech, and climate policy for the week of July 30, 2017.

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In one blockbuster announcement, JP Morgan Chase announced this week it plans to use only renewable energy by 2020. According to CNBC.Com, the global financial giant said it plans to cut its energy consumption while buying purchase power agreements (PPA’s) and creating on-site renewable energy power plants. JP Morgan Chase will install on-site solar at 40 commercial and 1,400 retail buildings, and work with GE to add LED lights at 4,500 Chase locations.

Jamie Dimon, JP Morgan Chase CEO said business must be leaders in developing answers to grow the economy and protect the environment.

If that were not enough, JP Morgan Chase by 2025 would provide $200 billing of cleantech financing.

This announcement is big news and continues a steady trend of global financial institutions going all in on renewable energy as prices continue to plummet. Bank of America announced last year  $125 billion in clean energy financing. However, climate activists have been severely harsh on big global banks, on investing in fossil fuel projects, including the controversial Dakota Access pipeline.

Despite these challenges, significant financial institutions are seeing the possibilities of a clean energy economy, as the world gradually shifts towards low-carbon solutions.

And finally, Al Gore’s An Inconvenient Sequel: Truth To Power is now in limited release. This time the documentary focuses on Gore’s continued battle on climate change, including behind the scenes work in getting the Paris Accord finalized, to the challenges faced by a new Donald Trump administration.

The documentary has received positive reviews by critics.

An Inconvenient Truth was one of the highest grossing documentaries of all time and received an Academy Award for best documentary in 2006. The film is in full release August 4th. A full review will be on our website August 8th.

I am off at the Canada Summer Games. If you live in Winnipeg, get out and support our future Canadian Olympians as they strive for excellence.

What do you think of JP Morgan Chase’s new renewable energy plans, including to go all in on renewables by 2020? Drop a line at salayconsulting@gmail.com or follow us on Twitter at @salayservices.

Slow and Steady Will Win the IoT Race

You know the saying, “It’s more of a marathon than a sprint.” That’s especially the case with the Internet of Things (IoT).

IoT is one of the hottest emerging technologies today which offers a lot of promise. From improving logistics to creating smart energy systems and cities, IoT may provide some solutions to some of the biggest social and economic challenges facing today’s society.

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Image Credit by geralt via Pixabay. Under Public Domain via the Creative Commons

However, just like any up and coming technologies which debut in the past, there is always some unexpected bugs. From the early days of the Internet, cell phones, to renewable energy. IoT is no different.

Take last fall. In October 2016, a distributed denial of service attack (DDoS) showcased the vulnerabilities of a connected world in the IoT age.

Botnet malware, played a role in these attacks. Many IoT-based devices were affected in this attack, as chaos ensued, and many top websites to faded to black temporarily.

Adjunct Senior Fellow on Cybersecurity David Fidler from the Council on Foreign Relations told The Guardian right after the attacks showed massive security holes currently seen in IoT on a large-scale by non-governmental groups.

“Imagine what a well-resourced state actor could do with insecure IOT devices,” Fidler added.

As cyber security risks remain a concern within the IoT space, failure to finish projects is also a challenge for IoT developers.

A recent Cisco study suggests 60% of IoT ideas fall flat at the beginning. They also pointed out 26% of all businesses surveyed had 100% success with their IoT projects.

While these recent events and studies give IoT a slight back eye, let’s keep in mind these are very early days within the IoT ecosystem.

It was only just 18 years ago in 1999, the phrase “IoT” was coined by Proctor & Gamble’s Kevin Ashton. That’s ten years after the invention of the World Wide Web (WWW) by Tim Berners-Lee. This was back when the WWW and Internet infrastructure was in its infancy and slowly maturing. Today’s Internet and WWW has far more capabilities compared to 1999 where there were only around 248 million global users. Now in 2017 its nearing 3.8 billion.

As author Jeremy Rifkin said in his 2014 book The Zero Marginal Cost Society, three Internet components (communications, energy, and logistics) are the backbone of IoT, which is helping to create a “third industrial revolution.” Significant ramifications will occur for many industries with their fortunes turned upside down. As we see new exciting opportunities, in smart homes, block chain, fintech, and 3D printing thanks to the IoT space.

Anywhere from 20 to 34 billion connected IoT devices are expected online by 2020. Total economic activity will reach worth $3.7 billion, according to McKinsey.

Security concerns have and always will remain a top concern amongst IT personal. It won’t get any easier with more devices flowing ubiquitously. But security experts are keen on learning to reduce security risks. Blockchain technology may provide some of the solutions required to limit security risks within the IoT ecosphere.

As for failures within IoT concepts, Cisco said 61% of participants have only started to realize the potential of what IoT technologies for their companies. Once people become more educated about not only what IoT is, but what it can do, then you will start to see more successes. You will start to see the cream of the crop rise within this industry. New and exciting out of the box opportunities will spring up, including in marketing, as businesses look to provide their customers with an ever-present connected experience.

The rise of the Internet had many trials and tribulations during its first marathon in transforming society in the 21st century. IoT will see the same thing as well as it overcomes the pressure to sprint to the finish line.

What do you think? What will it take companies to invest in IoT development, while cutting security concerns and possibilities of failure? Feel free to contact me at salayconsulting@gmail.com or on Twitter at @salayservices.

 

 

 

 

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