Building Smart Cities, an Energy Transition


Smart cities were once thought to have been a $1.6 trillion market by 2020. Everything from housing, transportation, urban planning, management, would contribute to a smarter neighbourhood enriching the lives of the citizens and residents. From self-driving cars to automated delivery drones, IT networks will become the backbone of the interconnected world.
We are not there, yet. Technology is developing and evolving but there is a lack of a common direction, and funding, for many of the players in the market bridging that final implementation gap. Often overlooked by the general public in their desire for a smarter city is also the technical feasibility. Not only do information networks play an important part; but energy is the driver of all of our smart ambitions.
To foster the growth of smart cities and to facilitate the transition we must also critically evaluate our energy production and consumption pattern. On a local scale, Electric Vehicles are gaining in popularity, however, infrastructure is not keeping pace for the full-scale of the potential that was envisioned to allow for a full transition.
Though there is a clear need, there is a disconnect between investment and the realization of these projects with the various parties involved. Cities need to take an active stance in promoting but also facilitating these transitions. Private sector investment is seeking a return that isn’t there yet.
EV infrastructure, in particular, can provide a monetization avenue for cities to transform assets they already own into sources of revenue and income to further fund social schemes and investment not attractive to the private sector.
 Another aspect, not to be overlooked, is also the technical feasibility of our smart transition. Powering the transition is a challenging prospect as the energy industry is an industry in transition in itself. Though the transition in the energy industry in in part caused by our move to smart technology; it is also a limiting factor as we shift away from the more traditional means of generation and to a more decentralized network.
The $1.6 trillion figure may seem far off, with 2020 rapidly approaching we likely won’t see that ambitious target; but it is closer than may seem and will continue to grow with the proper stimulus and partnerships.
This article was made possible through contributions from speakers at the International Economic Forum of the Americas, Toronto Global Forum.



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