Companies told to jump on low-carbon energy opportunities
Businesses have been urged to grab themselves a share of an industry set to be worth US$3 trillion a year by 2050.
UK Energy Excellence, a programme launched by UK Trade & Investment (UKTI) to champion the country's energy industry, said businesses should be exploring opportunities in the low carbon energy industry.
Samir Brikho, chairman of UK Energy Excellence, told company chiefs at London Oil Week that UK expertise in renewable technologies and a strong skills base in traditional oil and gas sectors could help to drive the development of low carbon energy around the world.
"Whilst the UK has proven expertise in many aspects of the energy industry, for example drilling and production, up until now it has been slow to invest in new technology development," he said.
"As we look to accelerate the development and deployment of clean and sustainable energy and cost effective low carbon technology, it is vital that we make the innovation process quicker and far more effective."
He said the UK had a lot of planning and project management expertise which should be made available to the low carbon energy industry.
The demand for energy supply is expected to rise by 50% globally by 2030, sparking huge investment in energy infrastructure projects.
Andrew Cahn, chief executive of UKTI, said: "The global energy sector currently represents one of the most exciting export opportunities for UK companies.
"The UK is set to make major developments in its own energy infrastructure over the next decade and it is vital that we continue to attract inward investment, particularly in the fast-growing renewable sector."
Experts believe that within just two years, the total world environmental goods and services sector will grow by more than 30% to US$688bn.
Businesses can read advice from UKTI about opportunities in the environmental sector here.