Identifying opportunities

How to evaluate environmental value

Placing a value on the environment is impossible. Its value is endless. We should therefore always be looking at how we can mitigate the negative impact we have on it. All new inventions will have some form of impact on the environment, whether that’s direct or indirect. Organisations or inventions that aren’t directly focused on creating a positive impact for the environment can still mitigate harm in a number of ways, such as reducing their waste and making smart purchasing choices.

ExampleMaking a difference, one purchase at a time

The choices that individuals and organisations make impact the environment. This can be reduced through mindful purchasing. Every small decision matters, including what to buy, where and how to buy it, how (often) to (re-)use it, and how to dispose of it. A service you are probably familiar with is the Energy Rating on household appliances. To help us make environmentally smarter choices about what we buy, the federal government provides a Sustainable Procurement Guide. You can also use the EnergyStar ratings on household appliances to inform your purchasing decisions.

 

In addition to mitigating the negative impact, you can also aim to maximise the positive impact.

Smart control of solar energy

Reposit Power identified an opportunity for innovation that allows homeowners to optimise their use of electricity. The technology monitors the solar power generated, stored and used at the home. It then sells excess power back to electricity providers at the highest price available. This means that clean energy that was once either in storage or non-existent, is now being put to use. This creates a positive environmental impact as less energy has to be generated using non-renewable resources, such as coal.