Businesses ‘blind to £100bn green opportunities’

LESS than one third of businesses in the West Midlands see the low carbon agenda as a way of boosting their trade, while less than a quarter see any potential for profit in green technology.

The disappointing statistics have prompted the Carbon Trust to use the region as the location for the launch of its new Green Growth campaign, which aims to raise the profile of the green economy.

The trust said firms in the region needed to wake up to the power of the green sector, which it estimates is a market worth more than £100bn a year to the country as a whole.

The trust’s independent research found that while most decision-makers in the West Midlands recognised they could save money by being more sustainable (54%), less than one in four (28%) were actively developing greener products and services.

Only 30% seethe green market as a way of increasing revenue; while just 22% see the potential for profit.

The green economy is based on the market for environmentally-friendly and low carbon goods and services. It crosses many sectors including energy production, transport, retail, fiancé, business services, manufacturing and primary industries.

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Harry Morrison, director, certification and accreditation, the Carbon Trust, said:  “We have had a tough couple of years but there are opportunities for growth beginning to emerge and the green economy offers some of the best.

“The environmental market is worth around £112bn in the UK and this is forecast to grow by 25% by 2015 so as far as we are concerned, it pays to get involved now.”

Elsewhere, Alstom UK Ltd, in conjunction with Drax Power Ltd and Warwickshire-based utility National Grid, have lodged an application with the Department for Energy and Climate Change for partial EU funding for a new carbon capture and storage (CCS) demonstration project based at Drax’s site at Selby, North Yorkshire.

As part of the project, National Grid, together with an experienced offshore partner will develop a transportation system out to the southern North Sea where the CO2 will be permanently stored. The project could help support National Grid’s development of a cluster of CCS projects in the Humber area.

Alstom UK’s country president and head of power, Stephen Burgin said: “Alstom is delighted to confirm its involvement in bidding for EU funds to support the development of this new UK CCS project. Along with our partners Drax Power and National Grid, we believe this truly world-class project, based on proven oxy-firing technology, has the potential to become a flagship programme which will deliver viable, economic solutions to help decarbonise the UK power market.”

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