London’s ‘booming green economy’ driving recovery
London's green economy is "bucking national trends" and has continued to grow over the last five years, according to a new report.
Commissioned by the Mayor of London Boris Johnson, the report analyses London’s ‘Low Carbon and Environmental Goods and Services Sector’ and shows that the sector is now worth approximately £25.4bn to London’s economy.
It also reveals that the sector has grown by more than 5% over each of the last two years and more than 9,200 green businesses have employed more than 163,500 people.
According to the report, this growth is predicted to continue until the end of the decade by approximately 6% per year, which it claims supports the Mayor’s goal of London becoming one of the world’s most sustainable cities by 2020.
Welcoming the findings, the Mayor of London said the report proves that cities taking climate action can expect economic growth.
“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,” said Johnson.
The Mayor’s Senior Adviser on Environment & Energy added: “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 in the battle to reduce our carbon emissions and make our cities more resilient in the face of climate change,” he added.