Unlike other sectors of its economy, London‘s green sector is continuing to grow and add jobs, according to a report compiled by INNOVAS. The report shows a four percent growth in green industries between 2009 and 2010, with 9,000 companies employing a total of 160,000 people.
The city’s biggest strengths were in carbon finance, geothermal energy and solar energy, according to the report. Carbon finance was the strongest segment of the green economy, which was reported as being worth nearly £6 billion and employing more than 23,000 people. Those figures are in line with the United Kingdom’s larger carbon finance market, of which, London’s share is 97 percent.
The report was commissioned by London mayor Boris Johnson. In addition to showing positive aspects of London’s green sector, the report also highlighted areas where improvements can be made. London was found to be under preforming in the areas of: recovery and recycling, energy management and building technologies. The market opportunity in these areas is “considerable,” according to the study.
Mayor Johnson is spearheading green economic growth initiatives that will result in money-savings, added jobs and put the city on track to cut carbon emissions as much as 60 percent by 2025. One area of interest has been a £36 million sponsorship of a cable car across the Thames to link London with the Greenwich Peninsula.