Climate Change is a Business Opportunity Worth Billions: Major Oil Company Says
By Steve Evans
Many have found it hard to accept climate change, thinking of ensuing economic damage, and extra cost burdens. Yet that these costs will be entirely negative to our economies is not necessarily the case, if we plan ahead.
Indeed we now have even large Oil Company’s declaring that climate change is a business opportunity. Shell recently reports that climate change is worth £30 Billion (USD$60 Billion) for British companies over the next decade (January 2007), one of the world's biggest oil companies has said. (See the report at Shell Oil's Web Site.)
A high demand for skilled workers is likely as industries invest in developing new technologies, products and services that will combat climate change.
The study commissioned by Shell in 2006, was the first to put a number to the climate-related products, services and technology market. The Report has been named “The Business Opportunities for SMEs in Tackling the Causes of Climate Change”, and it identifies areas where small and medium-sized firms should find the biggest opportunities arising from both consumer and government-driven climate change demand.
The report identifies areas of opportunity which include:
- Renewable electricity - £800M
- Renewable road transport fuels - E500M
- Building regulations for commercial and industrial use - £950M
- Domestic energy efficiency - £400M
- Building regulations for domestic use - £275M
James Smith, chairman of Shell UK, said: "For business, tackling climate change is both a necessity and a huge opportunity. This creates a huge new opportunity for British business nationally and internationally.
"Our small businesses and the scientific depth in our universities are going to be vital contributors."
The study is part of Shell's Springboard programme, which offers support and funding to small businesses engaged in low carbon projects.
Lord Oxburgh, chair of the Shell Springboard UK, said: "The urgent need to reduce greenhouse gas emissions offers opportunities to the nimble.
"There is now scope for a wide range of devices and services, which a decade ago would have made no economic sense, and for which there would have been no demand.
Shell has created the Springboard programme to help people to grasp some of these opportunities, and to take the first steps towards turning their ideas into viable businesses and products."
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