New research by Shell shows that the challenge of tackling climate change could create a global market worth $1 trillion in the first five years alone and £30 billion ($57 billion) for British business over the next ten years.
The research quantifies the potential size of the market for businesses that develop technologies, products and services that help combat climate change and finds that by 2010 the market will be double the current size. The cost of tackling climate change in the UK in 2010 will be affordable at 0.3% of the economy;
Among the biggest markets identified by Shell Springboard, a Shell awards programme for small and medium enterprises, is the renewable electricity sector worth an estimated £800 million ($1.52 billion) by 2010.
In addition, the study identifies the UK as a world leader in the international emissions offset market, with UK firms already involved in about £400 million ($760 million) of projects a year and the market rapid increasing. The UK voluntary offsets market could be worth another £100 – £200 million ($190 – $380 million) per year, the study says.
Lord Oxburgh, the former chairman of the House of Lords committee on science and technology commented: “The urgent need to reduce greenhouse gas emissions offers opportunities to the nimble. There is now scope for a wide range of devices and services, which a decade ago would have made no economic sense, and for which there would have been no demand.”
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