Baku discusses ways of making green technologies profitable

The global landscape of green technologies faces a significant hurdle: a lack of adequate funding, said Dominique Piotet, the Managing Partner and Co-Founder of the Ukraine Phoenix Technology Fund, Report informs.

Piotet highlighted this issue during the "International Cybersecurity Days" (ICSD-2024) conference held in Baku, themed "Cybersecurity for a Green Economy."

The official pointed out that many venture funds are concentrated in the United States and Israel. However, he noted that the biggest problem in Silicon Valley is the lack of enthusiasm for green technologies. "The issue of climate change doesn't seem to capture their interest, and no one is actively working on solving it," he stated. "In this context, the question of how to make green technologies profitable is highly relevant today."

Piotet also emphasized a critical contradiction in this pursuit. "On one hand, we are thinking about saving the planet, while on the other hand, we need to generate profits for investors and consider the interests of people," he explained.

Discussing the importance of collaboration between universities and the private sector in the development of green technologies, the Co-Founder highlighted that this cooperation is not at the required level anywhere in the world, except for the United States and Israel.

"Many issues in this field require serious scientific research, which is conducted in universities," he said. "In the US, this collaboration works very well. Universities have technology transfer offices. A similar situation can be observed in Israel, where universities work very effectively with the private sector. However, in any other part of the world, this either doesn't work or doesn't exist at all."