UK green goods create $5 billion export surplus
25 May 2012 | Alan Bouquet | Finance & The Green Economy, Europe
The UK’s green goods and services market has expanded past £122 billion, according to government figures and contributed to an export surplus of $5 billion. The economy now employs around one million people and the sector grew by 4.7 per cent over the last year. The international market grew by 3.7 per cent this year to £3.3 trillion in comparison.
The UK has a 3.7 per cent share of the market, and lies in 6th position worldwide. The US leads with £645 billion, China second with £435 billion and closest competitor Germany is in 5th with £140 billion. The UK showed particular strength in carbon financing and wave and tidal energy.
The results are part of the Low Carbon and Environmental Goods and Services (LCEGS) market report. Perhaps the most welcome news for the UK government is the export surplus, which sits at £5 billion. Key export countries include China, which receives £794 million of UK green goods.
Other key figures showed an increase in the number of UK LCEGS companies and an increase of 2.8 per cent in employment in the sector. It is expected that the green economy will grow at around 5 per cent per year up to 2015.