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LONDON, England, October 25, 2006 (Refocus
Weekly)
Combatting climate change over the next decade
could be worth £30 billion to British companies, according to one of
the world's largest oil companies.
Minimizing global warming will not bankrupt the UK economy, says
the report prepared by the independent consulting firm Vivid
Economics for Shell UK, a subsidiary of Royal Dutch Shell, as part
of its ‘Springboard’ project. The cost of action would be 0.3% of
Britain's economic output in 2010.
Small companies would have major opportunities to respond to
consumer demand for environmentally-friendly goods and to respond to
the demands created by government action. In 2010, the largest
markets identified would be £950 million in building regulations for
commercial and industrial use, £800 million for green power in
electricity applications, £500 million for green fuels in road
transport applications, £400 million in domestic energy efficiency,
and £275 million in building regulations for domestic use.
The study “quantifies for the first time, the potential size of the
market for businesses that develop technologies, products and
services that help combat climate change,” Shell explains. The UK
market created by the climate change could be worth £30 billion
cumulatively over the next ten years and, by 2010, the market will
be double the current size.
It identifies Britain as a world leader in the international market
for GHG offsets, with UK companies already involved in £400 million
of projects a year. The voluntary offsets market in Britain could be
worth another £100 to £200 million per year.
Concerted international action to avert climate change could create
a global market worth US$1 trillion in the first five years alone.
Shell Springboard commissioned the research to demonstrate the
commercial opportunity that tackling climate change offers to small
firms.
“For business, tackling climate change is both a necessity and a
huge opportunity,” says James Smith of Shell UK. “This creates a
huge new opportunity for British business nationally and
internationally; we have to step up to the challenge.”
Shell Springboard is an awards program that encourages companies to
see climate change as a substantial business opportunity, instead of
a major environmental challenge. It provides nine awards of £40,000
to UK businesses with environmental ideas.
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