Amplifying the Global Value of Earth Observation Report

Context

A recent Report developed in partnership with Deloitte presents valuable uses of Earth Observation Data across economic growth, industries, technology, and climate sectors.

Amplifying the Global Value of Earth Observation 2024

• The Report is prepared by The World Economic forum in collaboration with Deloitte
• Objective: To nudge stakeholders in the EO ecosystem to start instituting EO data in their operations  for a more prosperous and resilient future for the planet by exploring strategic approaches to maximize EO’s global impact.

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Key Highlights of the Amplifying the Global Value of Earth Observation 2024

• Boost Economic Growth: Greater adoption of Earth Observation data and technology can boost global growth by adding up to $3.8 trillion to global GDP.
• Value Maximization: The global value of Earth observation data is projected to increase from $266 billion to over $700 billion by 2030.
• Carbon  Reduction: Earth Observation Data  has the potential to reduce greenhouse gas emissions by up to 2.2 gigatonnes annually, which is equal to the emissions of 476 million cars.
• Regional Growth: The Asia Pacific region will be the leader  in capturing the value of EO, potentially reaching $315 billion by 2030 with  Africa and South America expected to experience the most substantial percentage growth in this regard.
• Beneficiary Sectors of EO data: Approximately 94% of the total value that Earth Observation Data  could offer by 2030 is projected to come from 6 sectors like agriculture, electricity and utilities, government, insurance, mining, oil and gas, and supply chain and transport.
• Efficiency in operations: EO data can help industries innovate, work more efficiently, and manage risks better worldwide.

What is Earth Observation (EO)?

Earth Observation is the process of collecting information about activities and characteristics on Earth which includes  physical, chemical, biological and anthropogenic (human) systems.

• Technology used: It uses both remote sensing technologies (comprising a variety of sensors, satellites to measure reflected or emitted energy from distant environments)  and “in-situ” data sources (collected adjacent to the measuring instrument, like temperature readings by a thermometer).
• First EO satellite: The US Department of the Interior launched the Landsat program in 1972, which provided never-before-seen images of the Earth fundamentally changing the  geographic, cartographic and other Earth science disciplines. 
  • ISRO launched India’s first Earth observation Satellite named  IRS-1A in 1988.

Earth Observation Data Usage

• Precision agri/aquaculture: Enhancing regenerative practices, reducing input costs and monitoring in-season performance and yield. 
• Supply chain monitoring: Detecting changes to physical goods supply chains and their impacts on international commerce and ecological indicators. 
• For Build Back Better: Analyzing environmental changes to better direct emergency response and measure the extent of damages.
• Environmental impact monitoring: Providing a trusted, third-party source to measure environmental impacts and help verify certain environmental commitments and mandates. 
• Vulnerability analysis: Characterizing and assessing the risks posed by climate changes and other hazards that may materially impact people, infrastructure and operations.
• Early warning: Detecting disasters like floods and wildfires beforehand with more speed and accuracy to advance planning, response and recovery.  
• Site selection: Identifying operational sites for large-scale infrastructure with the best yield, efficiency and/or relative environmental impact.
• Consumer experience: Providing individual users value through information such as air quality or weather forecasts.

Benefits of Earth Observation Applications:

• Economic:

  • Productivity/ Revenue increase: By increasing the output and efficiency of assets and processes which will boost innovation in products and services to reach new customers or build new markets.
  • Cost avoidance:  Monitor natural hazards to better manage risk posed to infrastructure and operations, mitigating losses, comply with regulatory requirements and avoid associated penalties.

• Environmental:

  • Climate:  Monitor climate variables and emissions, which inform actions to mitigate climate change such as limiting GHG emissions and supporting carbon capture. 
  • Nature: Monitor ecosystems to inform actions that protect and strengthen natural habitats, biodiversity and overall ecological health. 
  • Sustainable Development: Earth Observation Data  can support 16 of the UN’s 17 SDGs especially those focused on climate and nature.

• Agriculture: 

  • Cropping: It gives farmers access to quality information about plant health that can improve decision-making for  application of inputs like fertilizers and water, leading to higher crop output.
  • Fishery management: Provides information on water quality and fish stocks to inform optimal aquaculture site management and harvesting 
  • Livestock management:  Helps farmers manage livestock more effectively, by enhancing grazing decisions and unlocking targeted interventions to increase pasture biomass.

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Challenges

• Limited awareness about Earth Observation Data and its usage and application amongst the targeted users
• A lack of specialised workforce who can interpret the EO data to the common people and integration with business policies.
• Difficulty in navigating the EO market as it requires technical and statistical skills.
• Lack of specific standards to making  EO data difficult  to use