Climate change ‘huge opportunity’ for entrepreneurs

Small businesses wise to tackle climate change

If the world takes action against climate change on the scale required, the market for low-carbon technologies will be worth upwards of $500bn by 2050, a new report claims.

Published today, the Stern Review on the Economics of Climate Change has identified both the environmental and economic cost of climate change and the opportunities afforded by actions to tackle it.

Commenting on the Stern review, Brendan Barber, general secretary of the Trades Union Congress (TUC) said:

“This review shows that immediate action against climate change could boost the economy. Tackling climate change by supporting the growth of low carbon and carbon free technologies – from renewable energy to low carbon vehicles – could benefit British business and create jobs.”

The research echoes the findings of the recent Shell Springboard report, which quantified the UK’s share of this market to be around £30bn over the next 10 years.

According to Shell, entrepreneurs and small businesses are in a prime position to capitalise on this market, being more likely to have the flexibility and innovation to devise methods of reducing carbon and greenhouse gas emissions and energy consumption.

In light of this, Shell are offering small businesses the chance to compete for awards of up to £40,000, by pitching ideas to tackle climate change that are innovative, commercially viable and will lead to greenhouse gas reductions. “Tackling climate change is an important opportunity for the four million or more small businesses in the UK,” said Lord Oxburgh, chair of the national judging panel and former chair of the House of Lords Science and Technology Committee.

© Crimson Business Ltd. 2006

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