Environmental monitoring, a process for systematic sampling of air, water, soil, and biota is done to characterize and monitor the quality of the environment forestablishment of environmental baselines, testing of environmental modeling processes, and preparation of environmental impact assessment. Today, environmental pollutions of all kinds is on the rise mainly due to growing industrialization and urbanization across the globe. Deteriorating environmental situation is driving governments across the globe to take critical measures to monitor and control environmental pollutions to the best possible extent. This is also driving greater public and private funding for environmental research and also for installations of environmental monitoring stations.
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Government regulations and policies play a key role in determining and improving the state of country’s environment. As no single policy can provide solutions to all problems, policies like Paris Climate agreement and Agenda 2030have broadened gradually to address the increasingly complex environmental issues to meet the emission reduction targets in coming years.
Today, governments and regional associations across the globe are taking actions to accelerate their investments towards environmental sustainability.The Asian Development Bank (ADB) assists its members and partners by providing loans, grants, and investments to promote social and economic development. ADB is investing $80 billion in climate finance between 2019 and 2030 to address climate change mitigation and adaptation by 2030.
Other latest initiatives in this regard are –
In March 2016, the Australian government announced the creation of a new is Australian Dollar 1 billion Clean Energy Innovation Fund.
The GreenTech Malaysia, the organisation which comes under Ministry of Energy, Science, Technology, Environment & Climate Change of Malaysia, funded 165 projects through Green Technology Financing Scheme since 2010.
In Germany, EUR 2 billion is found to be invested in the third renewal of the “research for sustainability (FONA)” program for the period 2015-2020 to encourage innovations in various environment related issues.
In Spain, 62 Clima projects and programs were funded by the Carbon Fundin 2017 with the aim to reduce carbon emissions.
“Japan Climate Initiative (JCI)” was launched in October 2018 by over 100 Japanese companies, local governments, research institutions, and NGOs to build a decarbonized Japanese society.
In China, the Soil Pollution Prevention and Control Law, which is an independent legal framework for soil pollution, took effect on January 2019. This helps to reduce soil pollution and sustain the environment.
The above mentioned factors strongly indicate the increase in government policies and initiatives to minimize environmental pollution levels and the relative rise in public-private investments towards environmental sustainability through environmental monitoring. Therefore, rising focus on environmental monitoring are rapidly driving the growth in the environmental monitoring market, which is expected to grow at CAGR of 7.5% to reach $21.08 billion by 2025, according to the Meticulous Research®.
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