London’s green economy is showing rapid growth, according to a new report, showing a real opportunity for economic development for many parts of the capital.
New figures show London’s green economy thriving, and bucking national trends with a five year growth pattern to a position now where over 9,200 green businesses employ over 163,500 people.
The report analysing London’s low carbon and environmental goods and services sector, commissioned by the Mayor of London Boris Johnson, has revealed the sector is worth approximately £25.4bn to London’s economy, and has grown by more than 5 per cent over each of the last two years.
This growth is predicted to continue until the end of the decade by approximately 6 per cent per year. The report ‘London’s Low Carbon Snapshot’ was compiled by kMatrix and is the first updated analysis of the sector since 2011. It proved that the green economy grew considerably throughout the economic downturn.
The Mayor of London, Boris Johnson said: “London is becoming the ‘one-stop shop’ for low carbon and environmental services – providing the goods, skills and financing every city needs to make its transition to a low carbon, resource efficient economy.”
Mathew Pencharz, the Mayor’s Senior Adviser on Environment & Energy said: “As our carbon finance sub-sector continues to grow our city is also consolidating its strength in other significant areas of the green economy, such as renewable energies and low carbon building technologies. These will equip London to be at the forefront of growing global markets.”