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January 2007
Alternative Energy
THE GREEN KLONDIKE
London has emerged as a global centre for commercial attempts to mitigate climate change, says RICHARD LOFTHOUSE
SIGNS OF THE CHANGING BUSINESS CLIMATE
Last October's Stern Review on the Economics of Climate Change priced the solution to global warming at 1% of global GDP each year by mid-century, with a range of plus or minus 3%. One per cent of global gross domestic product is approximately €400bn in today's money.
The United Nations published a report in 2006 stating that the market for clean tech financing could reach €1.48 trillion by 2020.The World Bank estimated in late 2006 that the global carbon market was worth €8.5bn
During 2006 the US Supreme Court agreed to hear a case on whether the US EPA should regulate CO2 emissions.
It is estimated that the clean energy market will grow from €31bn currently to €130.5bn by 2015. In the US clean tech has become the fifth-largest venture capital category behind biotech, software, medical and telecommunications.
100% of companies in the Construction Materials and Building Products sectors responding to CDP4 said that climate change presented regulatory risks to their business.
The electric utilities sector is one of the largest emitters of greenhouse gases, about 40% of total GHGs worldwide.
Not a single Chinese electric utility responded to the CDG4 survey, although 32 were sent questionnaires.
General Electric's Ecomagination initiative expects €16bn in sales of clean energy products by 2010.
German insurer Allianz notes that the estimated damage of the 2005 Atlantic hurricane season represented 2% of current US GDP.
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