photo credit: Flying Kites
I read a headline in the FT this morning, and then twittered it, planning to blog it later. The headline in question was Climate groups’ revenue hits $300bn. I think the number was so big I didn’t really take the implications in. I mean – what is $300bn after all, other than just under half what it takes to bail out the entire US financial system?
According to the FT:
“Companies providing goods and services that tackle climate change now form a bigger industry grouping than the global software and biotechnology sectors combined, according to new research.”
That’s the analysis of HSBC’s global banking and markets research team. We’d love to see the report in more detail, but its good to see the headline numbers. Its very important to build real momentum around energy and climate change markets now, because as the recession kicks in energy costs are sure to drop again, as they did in the early 1970s, killing that green revolution pretty much stone dead.
The story concludes:
“The HSBC index of climate change companies excludes those that derive only a small proportion of their revenues from low-emissions products or services. The company’s index was designed to help investors gain exposure to companies that are expected to profit from dealing with climate change. HSBC said there was now a “clearly identifiable sector”
This is very much our Enlightened Transition scenario where investment in renewable energy/climate change pull us out of recession quickly. http://energyscenariosireland.blogspot.com/2008/09/enlightened-transition-introduction.html
It’s great to see recognition that doing something about climate change is not a cost, it’s a business sector with fantastic growth potential. Lets all blog this one!