London’s Thriving Green Economy: Can Other Global Cities Follow Suit?

Posted by on September 20, 2013 in Europe, Green

6289229901_4da443cbf3Green economy of London is in its boom phase. Latest figures released by the Mayor’s Office in London show that the green business sector is valued around £25.4bn to the city’s economy. The sector has continued to register strong growth despite the persistent economic slowdown across Western Europe.

London’s Low Carbon and Environmental Goods and Services (LCEGS) sector exports have grown five percent per annum over the last two years, totaling up to £2.2bn. Boris Johnson, the Mayor of London, has announced his intention to make London as one of the most sustainable cities in the world and a leading clean tech hub by the end of the decade.

The city is fast turning into a one-stop-shop for low carbon and environmental services, according to the Mayor’s Office. It is providing products, skills and financing to other cities that need to make a transition to a low carbon, resource efficient economy. London now accounts for nearly one-fifth of the entire LCEGS sales in UK that stand at £128.1bn.

Renewable energy, carbon finance and alternative vehicles are some of the pure green sectors that are leading the way for the city’s green economy. Considering the city’s global reputation as a financial hub, carbon finance has emerged as the largest sector in terms of sales, bringing in £6.52bn and accounting for 97 percent of the UK’s total carbon finance market.

Second after carbon finance is geothermal energy with revenues of £2.74bn, followed by wind energy with £2.53bn and building technologies with £2.28bn in sales. Carbon finance is also the largest employer, providing more than 23,500 jobs. The LCEGS sector in all provides employment to 163,563 people across London.

Irrespective of the serious general economic challenges that London has faced over the last seven years, the green business sector has continued to grow throughout this period. With the exceptional success of its LCEGS sector, the city authorities are looking to accelerate the growth further with new green initiatives.

Source: Business Green

Image Credit: Flickr via Genezic by Andrei Marincas

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