Category Archives: Technology

Doing more, better, with a smaller workforce, is the main outcome we should expect from the systemic and systematic application of advanced technology in the financial services industry. Is the industry ready?

By Pascal Bouvier, Venture Partner at Santander InnoVentures

As of December 2016, theBureau of Labor Statisticsshows the US financial services industry employing 8.4m people. This figure includes credit and non credit intermediation, securities and insurance activities. For good measure, we may want to add payroll, collection agencies and credit bureau activities, which increases the tally by an additional 400k for a grand total of 8.8m. Lets label this Fact #1.

For the past 6 years, the financial services industry has undergone a transformation, attempting to shed its industrial age structures, rebuilding itself alongside new digital paradigms. The first transformative steps have focused on the digitization of front end processes and systems.

As we cycle through these first steps, we are made aware of the next steps the industry is (or will) undertake digitizing middle office and back office processes and systems. Terms and technologies such as artificial intelligence (AI), straight through processing, robotics, process automation, blockchain or distributed ledgers are all connected to a meta intent to modernize and increase the industrys productivity. Lets label this Fact #2.

Innovation is the process whereby technology is applied to human processes, with the resulting outcome beingincreased productivity. In other words, innovation enables humans to do more with less. This has invariably led established industries to produce more with less labor, or die trying. Witness agriculture and manufacturing. Lets label this Fact #3.

Newly elected President Trump ranon a Make America Great Again platform, which in part means the creation of domestic jobs, or the repatriation of offshored jobs to the US. Arguably this dialectic has focused mostly on the manufacturing, energy and extraction industries. Lets label this Fact #4.

We also know the Trump administration has made known its intent to free the US economy from its regulatory debt, which includes financial regulatory debt (which in and of itself is worthy exercise although the devil is in the details). I discussed the Executive Order regarding the US financial systemhere. The purpose of this intent is obviously to facilitate job creation. Lets label this Fact #5.

The US financial services industry has, much like its manufacturing brethren, engaged in offshoring. We need to unpack this statement though. Global banks (retail, commercial or i-banks) have offshored jobs, not the entire industry, and certainly not regional, community banks or domestic insurers. Further, global banks have offshored certain categories of jobs such as low level IT, risk management and compliance to locations with a lower cost of labor.

Thusly, the aggregate amount of US financial services jobs lost to offshoring is probably minimal. I would venture a guess of no more than 150k jobs lost to offshoring (arguably I might be completely off). Further, some of this offshoring might very well be grounded in sound business decisions, such as the need to have global support operations in multiple time zones across the globe.

Additionally, it remains to be seen whether deregulation or the lack of enforcement of current regulation will help with financial services job creation per se. The demise of brick and mortar branches as the primary distribution channel for a financial product is not regulatory driven. It is borne out of societal changes enabled by new technologies. The slow unbundling and rebuilding of traditional financial services models is a byproduct of the internet age.

I cannot avoid concluding that any push to force large banks to repatriate jobs back to the US will not yield significantresults, and that any deregulation push as a basis for job creation is a weak proposition at best. Therefore the desired outcomes powering Fact #4 & Fact #5 (bringing jobs back to America and creating new jobs) are questionable, regardless of how well meaning the intent is.

On the other hand, financial institutions, are under assault frominnovative fintech startups and ravenous tech companies like Google, Amazon, Facebook, Apple (GAFA). The industry also is serving a younger consumer base withdrastically different appetites and behaviors compared to their predecessors. This leaves no other choice but to complete their transformations towards greater productivity.

Tomorrows banks will discharge their regulatory burden with but a fraction of the number of employees needed today. Tomorrows insurer will reach consumers with a digital brokerage workforce at odds with current prevalent distribution channels. Buy and Sell side institutions are today actively deploying advanced technologies that makes them brutally efficient at pre-trading, trading and post trading activities.

Everyone is betting on a conversational banking/insurance model via mobile social media apps. I am not even attempting to draft a comprehensive list of transformational changes, yet readers will clearly decipher the inevitable conclusion namely that the probability the financial services industry will employ fewerpeople in 5 to 10 years from now is much higher than the probability aggregate employment will remain unchanged or increase.

No amount of political nudging, deregulation, or trade re-engineering will prevent or reverse the consequences of technology innovation. We are left with attempting to decipherone unknown: How many jobs will the US financial services industry shed in the next 5 or 10 years, and how swift will the shedding occur? Fact #2 & #3 loom larger and stronger.

How will the impact of such dislocation be tackled? 8.8m workers is not a small number and, as the last US presidential election has proven, not paying attention to technology dislocation is unsustainable.

Notice how certain European governments treat their domestic banks as employment stabilizers and do their utmost to ensure no material waves of redundancies occur. Will the US follow this path? If so, will this furtherenable GAFA and fintech startups? More importantly, which will be the new demand curves created on the back of this dislocation?

I am sure the CEOs of most financial institutions have not failed to notice all technology companies have a much higher revenue per employee ratio than traditional banks or insurers. You have been warned and make sure to check how the statistics behind fact #1 will behave going forward Its the technology. Period!

All content 2017 by The Financial Brand and may not be reproduced by any means without permission.

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It's the Technology. Period. - The Financial Brand

A humanoid robot gestures during a demo at a stall in the Indian Machine Tools Expo, IMTEX/Tooltech 2017 held in Bangalore

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A humanoid robot gestures during a demo at a stall in the Indian Machine Tools Expo, IMTEX/Tooltech 2017 held in Bangalore

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A humanoid robot gestures during a demo at a stall in the Indian Machine Tools Expo, IMTEX/Tooltech 2017 held in Bangalore

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Engineers test a four-metre-tall humanoid manned robot dubbed Method-2 in a lab of the Hankook Mirae Technology in Gunpo, south of Seoul, South Korea

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Engineers test a four-metre-tall humanoid manned robot dubbed Method-2 in a lab of the Hankook Mirae Technology in Gunpo, south of Seoul, South Korea

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The giant human-like robot bears a striking resemblance to the military robots starring in the movie 'Avatar' and is claimed as a world first by its creators from a South Korean robotic company

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Engineers test a four-metre-tall humanoid manned robot dubbed Method-2 in a lab of the Hankook Mirae Technology in Gunpo, south of Seoul, South Korea

Jung Yeon-Je/AFP/Getty Images

Waseda University's saxophonist robot WAS-5, developed by professor Atsuo Takanishi

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Waseda University's saxophonist robot WAS-5, developed by professor Atsuo Takanishi and Kaptain Rock playing one string light saber guitar perform jam session

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A test line of a new energy suspension railway resembling the giant panda is seen in Chengdu, Sichuan Province, China

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A test line of a new energy suspension railway, resembling a giant panda, is seen in Chengdu, Sichuan Province, China

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A concept car by Trumpchi from GAC Group is shown at the International Automobile Exhibition in Guangzhou, China

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A Mirai fuel cell vehicle by Toyota is displayed at the International Automobile Exhibition in Guangzhou, China

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A visitor tries a Nissan VR experience at the International Automobile Exhibition in Guangzhou, China

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A man looks at an exhibit entitled 'Mimus' a giant industrial robot which has been reprogrammed to interact with humans during a photocall at the new Design Museum in South Kensington, London

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A new Israeli Da-Vinci unmanned aerial vehicle manufactured by Elbit Systems is displayed during the 4th International conference on Home Land Security and Cyber in the Israeli coastal city of Tel Aviv

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Electrification Guru Dr. Wolfgang Ziebart talks about the electric Jaguar I-PACE concept SUV before it was unveiled before the Los Angeles Auto Show in Los Angeles, California, U.S

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The Jaguar I-PACE Concept car is the start of a new era for Jaguar. This is a production preview of the Jaguar I-PACE, which will be revealed next year and on the road in 2018

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Japan's On-Art Corp's CEO Kazuya Kanemaru poses with his company's eight metre tall dinosaur-shaped mechanical suit robot 'TRX03' and other robots during a demonstration in Tokyo, Japan

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Japan's On-Art Corp's eight metre tall dinosaur-shaped mechanical suit robot 'TRX03'

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Japan's On-Art Corp's eight metre tall dinosaur-shaped mechanical suit robot 'TRX03' performs during its unveiling in Tokyo, Japan

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Singulato Motors co-founder and CEO Shen Haiyin poses in his company's concept car Tigercar P0 at a workshop in Beijing, China

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Singulato Motors' concept car Tigercar P0

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The interior of Singulato Motors' concept car Tigercar P0 at a workshop in Beijing, China

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A picture shows Singulato Motors' concept car Tigercar P0 at a workshop in Beijing, China

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Connected company president Shigeki Tomoyama addresses a press briefing as he elaborates on Toyota's "connected strategy" in Tokyo. The Connected company is a part of seven Toyota in-house companies that was created in April 2016

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A Toyota Motors employee demonstrates a smartphone app with the company's pocket plug-in hybrid (PHV) service on the cockpit of the latest Prius hybrid vehicle during Toyota's "connected strategy" press briefing in Tokyo

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An exhibitor charges the battery cells of AnyWalker, an ultra-mobile chasis robot which is able to move in any kind of environment during Singapore International Robo Expo

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A robot with a touch-screen information apps stroll down the pavillon at the Singapore International Robo Expo

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An exhibitor demonstrates the AnyWalker, an ultra-mobile chasis robot which is able to move in any kind of environment during Singapore International Robo Expo

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Robotic fishes swim in a water glass tank displayed at the Korea pavillon during Singapore International Robo Expo

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An employee shows a Samsung Electronics' Gear S3 Classic during Korea Electronics Show 2016 in Seoul, South Korea

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Visitors experience Samsung Electronics' Gear VR during the Korea Electronics Grand Fair at an exhibition hall in Seoul, South Korea

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Amy Rimmer, Research Engineer at Jaguar Land Rover, demonstrates the car manufacturer's Advanced Highway Assist in a Range Rover, which drives the vehicle, overtakes and can detect vehicles in the blind spot, during the first demonstrations of the UK Autodrive Project at HORIBA MIRA Proving Ground in Nuneaton, Warwickshire

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Ford EEBL Emergency Electronic Brake Lights is demonstrated during the first demonstrations of the UK Autodrive Project at HORIBA MIRA Proving Ground in Nuneaton, Warwickshire

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Chris Burbridge, Autonomous Driving Software Engineer for Tata Motors European Technical Centre, demonstrates the car manufacturer's GLOSA V2X functionality, which is connected to the traffic lights and shares information with the driver, during the first demonstrations of the UK Autodrive Project at HORIBA MIRA Proving Ground in Nuneaton, Warwickshire

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Full-scale model of 'Kibo' on display at the Space Dome exhibition hall of the Japan Aerospace Exploration Agency (JAXA) Tsukuba Space Center, in Tsukuba, north-east of Tokyo, Japan

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Miniatures on display at the Space Dome exhibition hall of the Japan Aerospace Exploration Agency (JAXA) Tsukuba Space Center, in Tsukuba, north-east of Tokyo, Japan. In its facilities, JAXA develop satellites and analyse their observation data, train astronauts for utilization in the Japanese Experiment Module 'Kibo' of the International Space Station (ISS) and develop launch vehicles

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The robot developed by Seed Solutions sings and dances to the music during the Japan Robot Week 2016 at Tokyo Big Sight. At this biennial event, the participating companies exhibit their latest service robotic technologies and components

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The robot developed by Seed Solutions sings and dances to music during the Japan Robot Week 2016 at Tokyo Big Sight

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Government and industry are working together on a robot-like autopilot system that could eliminate the need for a second human pilot in the cockpit

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Aurora Flight Sciences' technicians work on an Aircrew Labor In-Cockpit Automantion System (ALIAS) device in the firm's Centaur aircraft at Manassas Airport in Manassas, Va.

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Stefan Schwart and Udo Klingenberg preparing a self-built flight simulator to land at Hong Kong airport, from Rostock, Germany

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An elated customer at the launch of PlayStation VR at the GAME Digital Westfield White City midnight launch.

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Without a 'world government' technology will destroy us, says Stephen Hawking - The Independent

During the Obama administration, R. David Edelman was one of the president's topadvisers. As a part of Obama's National Security Council and his National Economic Council, Edelman was among those responsible for crafting U.S. policies on cybersecurity, technology and innovation at a time when all three were making national headlines. Now, Edelman is headed to MIT, where he'll direct the university's new Project on Technology, the Economy, and National Security. On Monday, I sat down with Edelman for an interview at The Washington Post's officesto discuss the future of automation, jobs and cyberwarfare. The following transcript has been edited for length and clarity.

Likemany Americans, I've been thinking a lot about robots taking over jobs. People talk a lot about job retraining and education to put people back to work, but it's almost always in an abstract way. What specifically canwe do to help people who are struggling?

Think about the people who are IT technicians maintaining the WiFi equipment in hotels. Or enterprise software back-end folks that are helping to administer an HR database. Those are jobs that exist everywhere.There are opportunities out there for individuals to get higher paying jobs that require technical skills that are not four-year bachelor of science, MIT degree jobs. And that's what TechHire was designed to fill the gap on.

There is a formula here. You've got tohave either a community college or other educational institutions, but you also have to have employers that are articulating what their specific needs are what are the vacancies you need to fill? What are the skills you require? Do you need SQL certification? Do you need Microsoft certification? What are the actual specific skills? And then you need a city government that is willing to participate in that. That's a formula. That's not just, send 'em all to one school and hope it works.

We as a country have decided that unless you went to a four-year university, somehow you're not a full player in the economy. That's wrong. And as long as we continue to culturally stigmatize that, we're going to have a shortage of labor in key categories, we're going to have a lot of people get stuck assuming their job skills are going to take them on a 40 to 50 year career. For a lot of people, those days are gone.

This is not Washington declaring a death sentence on particular ways of life or particular industries. But there is a reality here, and that is that a lot of Americans are hurting and want a way out. The really hard question and I don't have the answer, I don't think any one person does is what you do with those individuals. I agree with you, the answer is not going to be just train 'em to code. That's not going to work. It is going to work in a lot of areas, but you're also going to have areas or job categories where mobility is not easy, where people want to stay tied to where they are.

The U.S. has a program to retrain workers who've lost their jobs due to trade; it's called Trade Adjustment Assistance. Could you see an Automation Adjustment Assistance program someday?

Yes. I could. And this is getting back to my theory that this is going to have to be an all-hands on deck thing.This is not just an issue for the government to take on. You're also going to have to get academia working on some of the questions you were raising before about what does work in job retraining. There's a role that employers are going to have in articulating what their particular needs are and reassessing their willingnessto send jobs abroad. This is one of the biggest questions that we will be solving in the next 10-15 years.

Some high-profile folks in Silicon Valley have proposed that the government give everyone a basic amount of income every year as a solution. What do you think?

Most of our social programs are designed to make sure that if you need support you can get it, but that if you don't need support you're not automatically going to get a handout. That's a fundamental critique [of universal basic income] that the economists I respect the most have leveled against UBI. It has not been adequately addressed.

But the general awareness of UBI, the fact that it's become fashionable in Silicon Valley, is actually a really good sign. It shows they're thinking about the broader social consequences of the disruptive business models that they've put forward. And that's healthy.

President Obama has said that he resisted taking actions in cyberspace that could set a precedent legitimizing a potentially destructiveform of cyberwarfare. Do you think China and Russia agree with that principle?

I believe the Chinese come at it from a general sense of profound insecurity, fear ofalmost mutually assured destruction of sorts and therefore a profound desire to try to put limitations on areas where it is not costly to them.That's where you think of arguments against intentionally targeting critical infrastructure. Don't go after dams. There's one that China, operator of the Three Gorges Dam, could probably agree with, along with the United States, and actually has said to us on occasion.

The Russians come at it from a different place. They have a strong history and tradition of talking to the United States about difficult things on which we don't agree.We managed to get nuclear arms control treaties out of the Russians to mutual accommodation.

Microsoft's top lawyers have proposed a kind of Geneva Conventions to governcyberwarfare. Are we likely to see such an agreement out ofthis White House?

I don't think they have yet articulated a grand strategy of how they're going to treat these issues. But to me, as important as where the White House is will be where everyone else is.The United States is not a unitary actor in cyberspace. And if the Russians, the Chinese, the South Koreans, the Japanese, the Australians decide they want to come up with a pseudo-regional cybersecurity treaty, that's going to carry a lot of weight in the international system. The way the U.S. can guarantee it won't have a say is to withdraw from everything. That doesn't mean the progress is going to stop. The question is just whether the U.S. gets a voice or not.

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'This is an all hands on deck thing': A former Obama technology adviser on robots, jobs and cyberwarfare - Washington Post

Ravi Shankar Prasad, the Indian government's top information technology official, told reporters Tuesday that the country's concerns have been conveyed to the U.S. government "at a very senior level."

"The whole [technology] movement in the world has been based upon sharing, upon commonality, upon reciprocity," he said.

The U.S. on Friday suspended expedited processing of H-1B visas, a move that could hit India particularly hard.

Indian firms like Tata Consultancy Services, Infosys (INFY) and Wipro (WIT) use the H-1B program to send thousands of engineers to the U.S.

Around 70% of the 85,000 visas issued annually go to Indian workers.

Related: Indian tech graduates fear America may shut them out

Trump has slammed what he sees as the abuse of visas by companies hiring foreign workers at lower salaries -- displacing Americans in the process.

His administration has pledged to make changes to the H-1B and several other visa programs, including by executive order. Several lawmakers, both Republican and Democrat, have also introduced legislation seeking curbs on H-1Bs.

India has been watching developments with trepidation. The curbs on fast track processing of H-1B visas will likely hit outsourcing firms that often move workers overseas on short notice.

Related: Trump is making India's tech industry nervous. Here's why

D.D. Mishra, a research director at technology consultancy Gartner, says U.S. companies often need outsourcing firms to deploy workers quickly to solve unexpected problems.

"The agility and the speed which they were expecting Indian IT services to generate will get impacted," he said.

The U.S. immigration department said the temporary ban on expedited H-1B visas is aimed at clearing a backlog of pending applications and reducing the overall processing time. A standard H-1B application can take more than six months to be reviewed.

Related: What Trump's latest H-1B move means for workers and business

Indian tech leaders say there aren't enough skilled American workers to fill the gap if foreign engineers are shut out. As the new curbs were announced, a delegation from Indian industry body NASSCOM was wrapping up a week of lobbying in Washington, D.C.

"Additional restrictions on the H-1B... hurt thousands of U.S. businesses by hindering access to much needed talent," NASSCOM said in a statement Tuesday.

NASSCOM president R. Chandrashekhar added that Indian tech firms also create jobs "by the thousands" for American workers.

"It is clear that our sector has more work to do in educating U.S. policymakers on the mutual benefits of strong India-U.S. trade in IT services," he said.

CNNMoney (New Delhi) First published March 7, 2017: 8:36 AM ET

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India to Trump: Technology is 'based upon sharing' - CNNMoney

Q I bought my 80-year-old mother a new iPad. She opened the box, threw up her hands and said, I cant do that. What can I do to help her learn the new technology? My tech savvy 30-year-old daughter volunteered to teach her. Any advice how my daughter can be most effective?

B.K.

A Dear B.K.:

To provide tips for effective tech mentoring, lets begin by understanding some of the reasons for resistance. Opposition to technology is not a new story, according to Calestous Juma, professor at the Harvard Kennedy School. In his book Innovation and Its Enemies: Why People Resist New Technologies (Oxford University Press. 2016), Juma refers to 600 years of technological controversies ranging from attacks on coffee, the printing press and margarine to debates on the potential impact of alternative intelligence, drones and 3-D printing.

He notes that society supports technology when it is perceived as an addition to our lives, embracing our desire for inclusion, purpose, challenge, meaning and alignment with nature. If technology diminishes an aspect of our humanity, he notes there is resistance.

That resistance filters down to individuals and in particular older adults. Here are some barriers as suggested by librarian and writer Renate Robey in a guide for librarians in how to teach technology:

Lack of perceived benefit or need: To be motivated to learn the new technology, older adults need to understand exactly what the benefit will be. Such benefits include being part of a grandchilds life, keeping up with family happenings, playing online games or researching family history.

Negative feelings about social media: Older adults may be frustrated and annoyed that communication has drastically changed from making phone calls and personal visits to email, tweets and Skype.

Fearful about internet safety: A deep mistrust of placing personal information on a computer is another barrier. The concern is real and is called internet fraud. Pop-up browser windows that simulate virus-scanning software can fool victims into either downloading a fake anti-virus program (at a cost) or an actual virus that opens up information on the users computer to scammers.

Computer anxiety: Fearful of breaking the computer or making a mistake can easily lead to computer anxiety. Many older adults were brought up in a school environment where the initial answer to a question had to be correct and making mistakes resulted in a lower grade.

Cognitive or physical issues: Normal changes with age can present learning obstacles. Declines in vision, memory, dexterity and mobility may make it difficult to perform simple tasks like handling a mouse. Ability to read is key. Yet, about two in five older adults indicate they have a physical or health condition that makes reading difficult, according to the Pew Research Center.

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B.K, since your daughter volunteered to be your mothers personal tutor, heres a draft of a possible script that addresses some of the barriers.

Daughter: Hi, Grandma. I know you want to stay in touch with me, but I live 3,000 miles away. I have a way for us to be part of each others lives. Lets begin with the new iPad you received as a gift for starters and learn about email. I will set it up for you. Note that doesnt mean we cant talk on the phone. Using email will just make us closer.

Know that you cannot break the computer and there are no permanent mistakes. If you misspell a word, it can be corrected. We are using a touch screen so you dont have to deal with a mouse. And remember, there is no rush. I am going to write down all of the instructions. Well use the instructions as I demonstrate the process and for practice well write lots of emails together. After I leave, you can always contact me or Mom when you see something on the screen you dont understand. You have my email address and phone number.

When you are comfortable with email, we can learn about Skype where we actually can see one another and talk. Youll love it. Actually, if you like, we can start with Skype.

Grandma, I love you.

Hopefully Grandma is relaxed with a pace that is comfortable for her and with practice, time, repetition and reaping the rewards of staying in touch with her granddaughter, shell become tech savvy.

Thanks, B.K., for your good question. At some point in our tech world, we all are learners.

Note: Most of our communities have classes on technology for older adults.

For more information, go to Helendenn@aol.com; also see http://www.HelenmDennis.com for previous columns.

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Successful Aging: How to find entry points in adding technology - LA Daily News

2016 was the warmest year on record --around 1.2degrees C warmer than pre-industrial levels to be exact. Whilst this doesnt sound very much, evidence has already shown that an average rise of 1degree C across the whole of the Earths surface would result in huge changes to the climatic extremes we see today.

Meanwhile, our forests and oceans arent faring much better. The significant decline of the planets rainforest has been documented throughout my lifetime and, according to a report last year by the Ellen MacArthur Foundation, by 2050 there could be more plastic by weight in our oceans than fish. Add to this the recent findings that the Earth is on track to lose two-thirds of its wildlife by 2020 and its easy to see that we are already in a pretty dire state.

Unbelievably, there are those who still insist on denying the existence of the worlds environmental crisis, and worryingly, some of these are in pivotal positions when it comes to what happens in the next 10 years. This by the way is the period in which many experts believe we still have a chance to mitigate the rise in global temperatures.

Now, dont get me wrong, Im far from being an eco-warrior, but, like many, I am increasingly aware of climate change and the inescapable implications this has for us all; particularly since the most recent findings indicate these could become severe within a much shorter timescale than previously thought. I believe its clear to most rational people that we all have a part to play in halting the rise of global temperatures and even small gestures help such as, boiling less water for hot drinks or turning down the central heating by a degree or two.However, as individuals, making an "industrial scale" impact feels far more challenging. Having been involved in the application of technology for most of my working life, I wonder if this could be the great enabler of change that will make the single, largest difference.

Technology in a wider form already plays a huge part in the mitigation of global warming. Renewable energy and carbon entrapment are good examples of this.Yet the proliferation of such technology is often at the mercy of government investment and other incentives, which can ebb and flow depending upon the eco-political priorities being played out by governments at any given time.Information technology on the other hand is all pervasive, both in business and everyday life. Disruptive technology like artificial intelligence, virtual reality and augmented reality are dominating industry conferences at present but with little mention of "tech for good." So is the industry taking the climate crisis as seriously as it should?

There is actually growing evidence to suggest that tech initiatives which support the environment are on the increase and are of growing interest to the investment community.New types of funding programs are being put in place to support these, a recent example being the Barclays Unreasonable Impact Initiative.This is a partnership between Barclays Bank and Unreasonable Group, which has launched the worlds first international network of accelerators, specifically focussed on scaling up entrepreneurial solutions designed to solve some of our most pressing societal and environmental challenges, while helping to employ thousands of people worldwide.

All sorts of great initiatives have and are being developed as a result of this funding. An example being the RT7000, a highly innovative solution to the problem of end-of-life plastic, developed by Recycling Technologies. This UK startup has developed a chemical recycling machine capable of processing up to 7,000 tonnes of plastic waste per annum that would otherwise end up being landfilled, incinerated, exported at cost or dumped illegally. As part of the recycling process, the RT7000 produces a valuable hydrocarbon named Plaxx which can be used as an alternative to heavy fuel oil in the marine industry, so it is contributing to the circular economy.

In addition, some of the well-known philanthropic figureheads from the world of IT have declared their intention to back new tech initiatives that have a positive impact on the environment.Billionaire philanthropist and investor Bill Gates is launching a $1 billion fund called Breakthrough Energy Ventures to invest in new forms of clean energy. Gates has gathered a group of 20 like-minded investors, including a number of Silicon Valley tech venture capitalists, to join him in the fund which will invest in scientific breakthroughs that have the potential to deliver cheap and reliable clean energy to the world.

The cynic in us probably thinks that "responsible investments" by certain companies are simply an effort to offset all of the unfavorable things they are involved in and this raises perhaps the biggest dilemma we face. In the developed world, we have all grown accustomed to our lives as they are: cheap, plentiful food, energy on demand, a "throw-away" attitude to consumer electronics, the list goes on.Its inconceivable that we can reverse this trend in the short term, particularly as demand from the developing world escalates and politicians shy away from imposing any restrictions that will affect jobs and local economies. Its an intractable problem.So if we cant reverse it in the time we have, we must find a way to ameliorate it and I think technology will have a big part to play in this. Innovations such as the RT7000 might be seen as a drop in the ocean compared to the scale of the climate problem were facing, but its a positive step forward by an industry that has always shown leadership and could really help offset the damage already done.

That being said, our planet is facing a huge crisis and in reality, we cannot fully alleviate the environmental impact of the way we all live and work.Despite my optimism in the part technology has to play in helping to offset this, we shouldnt have a false sense of security and be complacent that it alone will solve the climate crisis. Every individual has a responsibility to do something on a personal level, whether that is full blown lobbying, or simply turning off a light when you leave the room-- as the saying goes, from small acorns The worst-case climate scenarios could see the world face an ecological meltdown by 2050, well within the lifetime of current generations. At this point it will be out of anyones hands, so failure is definitely not an option.

Andrew Moore has worked in the IT services industry for over 25 years. During this time, he has held senior sales and business management positions with Cap Gemini, Data Sciences and IBM and has been responsible for the development and growth of business operations spanning the UK and Europe.

Published under license from ITProPortal.com, a Future plc Publication. All rights reserved.

Photo Credit: red-feniks/Shutterstock

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Using technology to fight climate change - BetaNews

TechCrunch

Pinterest brings its visual search technology to the web TechCrunch Pinterest has been ramping up its efforts in visual search to make its search and discovery features more useful, but today it's opening up the technology a bit more with an integration into the company's Chrome browser extension. With the updated ... and more »

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Pinterest brings its visual search technology to the web - TechCrunch

Forbes

From TV To Digital Media: How Technology Changes Content Development Forbes Today's content consumers make up some of the most powerful audiences that most brands have ever seen. Whether or not your audience members know it, they dictate what kind of content your company creates, where you publish it, and how you distribute ...

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From TV To Digital Media: How Technology Changes Content Development - Forbes

wnep.com

New Cell Technology Coming to Scranton? wnep.com SCRANTON -- Cell phone giants AT&T and T-Mobile are looking to bring new technology to the Electric City. Both AT&T and T-Mobile will be going in front of Scranton's zoning board this week in hopes of placing small-area cell antennas around the city.

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New Cell Technology Coming to Scranton? - wnep.com

President Trump's clean coal agenda could get some much-needed clarity as federal advisers take a hard look at advanced technologies to make coal plants more competitive and climate-friendly, as Trump's plan to repeal regulations will only go so far toward restoring the industry.

Some of the experts slated to lead the discussion at this year's spring meeting of the National Coal Council, a federal advisory committee, are skeptical about how much Trump can actually do over the next four years to help the coal industry beyond removing regulations.

Eliminating regulations is only a short-term remedy for what ails the coal industry. Removing Obama-era climate regulations would stop some of the planned coal plant retirements while allowing for the construction of newer, more efficient coal plants, which are considered a variant of clean coal technology.

Top consultants say the Trump agenda needs to be paired with a longer-term strategy that looks at more advanced technology such as carbon capture and storage, or CCS, which strips carbon pollution from coal plant emissions.

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Amid Trump's promise to roll back climate change rules and withdraw from the Paris climate accord, much of the talk at the March 14-15 meeting will be on ways to make the coal industry more climate-friendly through the use of CCS. But even that isn't a sure fix, and it won't have job benefits for years to come, which is Trump's primary goal.

"I think everything that drives [Trump's] policy decisions is geared at the top level, first and foremost, to jobs," said Andy Roberts, research director for energy consultants Wood Mackenzie. "He wants to restore better economic health to the energy industry."

Roberts will deliver the keynote address, aptly named "Opportunities for Coal in the Trump Administration," at the coal council meeting, according to the official agenda.

When it comes to Trump's jobs priorities, Roberts doesn't see "clean coal" technologies that Trump continues to tout offering much in the way of putting miners back to work, at least not quickly.

"In the short-term, that means unburdening the industry from regulations to the extent [coal] competes on a level playing field," Roberts said. But clean coal technologies, primarily carbon capture and storage, "don't really impact employment in the industry in the short term and medium term at all."

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"It's not economic," Roberts added. "It's never going to be economic versus other forms of energy production." But it may still be necessary, he said, "depending on what the world decides it's going to do about topics like climate change."

That's why the primary thrust of the coal meeting will be focused on CCS and enhancing "the efficiency and emissions profile of our coal fleet," according to the agenda. However, the focus of the advisory panel in Trump's first year has not been determined, Janet Gellici, the National Coal Council's CEO, said before Rick Perry was confirmed as energy secretary Thursday. The coal council reports to the secretary.

The coal council under former President Barack Obama focused on legislative and policy recommendations for advancing CCS and even more advanced technologies that use the carbon to generate additional revenue stream for power plants.

One of the technologies that will be highlighted at this month's meeting will come from a company that has been collaborating with Exxon Mobil to commercialize a form of CCS technology for reducing emissions at natural gas power plants. The company sees fuel cells as a solution to the next big challenge for cutting carbon dioxide emissions, which is anticipated to be focused on natural gas power plants.

Currently, natural gas-fired plants are taking market share from coal, since they release 60 percent fewer emissions than coal plants. Gas plants, according to Exxon Mobil, are the reason the nation's emissions are at their lowest in 25 years.

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Nevertheless, any advancements in cutting carbon pollution further will stem from advancements that will come from developing CCS at coal plants, said officials with the company FuelCell Energy, which is collaborating with Exxon on CCS. Capturing carbon from natural gas is slightly different than capturing it from coal, but advancements on either would help the other fuel.

Officials with FuelCell Energy will be discussing its projects with the Energy Department, as well as the joint venture it has with Exxon. They say Trump's focus on manufacturing is good for clean coal, but also for cleaner forms of natural gas that they anticipate being needed further down the road.

"One aspect that we're certainly encouraged with is the focus on American manufacturing," said Kurt Goddard, head of investor relations for the company. "Because fuel cells represent American innovation, they represent American manufacturing."

Fuel cells had support in previous Republican administrations. Former president George W. Bush created the hydrogen fuel cell initiative to wean the nation off its "addiction to oil." But it's not clear if Trump might do something similar.

Fuel cells are a highly efficient means of producing electricity. Rather than burning a fuel, like a standard power plant does, they produce electricity through a chemical process using an electrolyte similar to a battery. But instead of charging it as a battery, the electrolyte is refilled. FuelCell Energy's device concentrates the carbon dioxide from a coal-fired power plant as part of its electricity-generation process. The process reduces carbon emissions and other pollutants.

It's also a form of clean energy that is completely made in America, Goddard said. "Our manufacturing facility is actually in Connecticut, whereas some other forms of clean power generation aren't necessarily made in the U.S.," he said, explaining why he believes Trump is supportive of CCS. It's a technology that is evolving, he said, with interest coming from Exxon, the Canadian oil sands and Europe.

Anthony Leo, the company's vice president for technology and applications, will discuss its fuel cell clean coal project at this month's meeting, in addition to the natural gas work he is doing with Exxon Mobil. The coal and gas projects are both being done at Southern Co.'s Barry Plant in Alabama.

The projects are in the engineering phase, with construction not expected to begin for about two years. Exxon CEO Darren Woods underscored the project in a blog post last month.

"Our role as the country's largest producer of natural gas which emits up to 60 percent less CO2 than coal for power generation has helped bring CO2 emissions in the United States to the lowest level since the 1990s," said Woods, who took over after predecessor Rex Tillerson was appointed secretary of state.

"But the world also will need breakthrough clean-energy technologies such as carbon capture and storage," he said, noting that the company is "investing heavily in CCS, including research in a novel technology that uses fuel cells that could make CCS more affordable and expand its use."

An Exxon official emphasized to the Washington Examiner that the company's piece of the project has received no funding or support from the government.

Roberts observed that the future of CCS could very well resemble what is being demonstrated between the fuel cell company and Exxon. He also said the "model" for clean coal could follow what is happening between SpaceX and NASA, where a private company "is driving a lot of our national space exploration activities, right now, at the direction of NASA but with cooperation."

Roberts sees demand for clean coal technology coming from Europe, where the continent's climate change policies require the technologies, even if Trump succeeds in exiting from the Paris climate agreement.

"Maybe if the U.S. steps back for a while, the driving factors happen in Europe," Roberts said.

Coal use is projected to grow globally, and there will be an increasing need for coal power plants to be made more efficient and with fewer emissions, said Benjamin Sporton, the head of the World Coal Association. He was in Washington last month to discuss advancements on coal technology with congressional staffers.

He was also in the U.S. as part of an International Energy Agency industry advisory team meeting with coal companies to get a sense of where they are on technology development, he told the Washington Examiner in an interview.

"For me it's a continuum," he said. "It's not saying let's leap to CCS today, because CCS is not a technology that is viable for widescale deployment today. It's about saying how we start on that pathway to get to somewhere further down the track."

Expanding federal incentives for carbon capture technologies was an idea supported by both parties last year. And a lobbying push by unlikely bedfellows, major coal companies and environmentalists, is gaining steam to move a similar bill in this Congress.

"When utilities, coal companies and environmental groups come together to support your bill, you know you're onto something that could work," Democratic Sen. Heidi Heitkamp of North Dakota said last year in introducing her bill to expand the coal incentives. Senate Majority Leader Mitch McConnell of Kentucky was a co-sponsor of the legislation.

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Trump's coal council to drill down on advanced technology - Washington Examiner