8 October 2006
The Telegraph – Green business ‘could be worth $1 trillion’
New research suggests that global commerce could receive a ($1 trillion) £530bn boost from “green business” over the next five years as concerted international action creates large markets for technologies and products designed to tackle climate change.
Smale and co-author Cameron Hepburn, a Fellow in Climate Policy at Oxford University, have estimated the cost of reining in carbon emissions to the extent required to stabilise global temperatures. The authors admit “significant uncertainties remain, including the nature of the relationship between carbon concentration and temperature”.
But they argue: “While there are costs to reducing carbon emissions, the flipside is a market for climate change technologies and services worth something like a trillion dollars by 2010 and much more after that.” The report – published by Shell Springboard, a branch of the oil company set up to tackle climate change – will be launched on Thursday.