Shell: Climate change is a business opportunity
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Thursday, 12, Oct 2006 04:00
Shell, one of the world's largest energy providers, has released new research which claims that tackling climate change is a positive business opportunity.
A study conducted on Shell's behalf by independent consultancy Vivid Economics found that efforts to reduce climate change could create a market of up to £30 billion for British businesses over the next ten years.
It also argues that there are big opportunities for both small and medium-sized enterprises (SMEs) in a variety of areas, including responding to consumer demands for environmentally-friendly products as well as government demands on business practices.
A breakdown of the largest potential areas for growth in responding to climate change for SMEs shows that the market for building regulations is worth £950 million, renewable energy £800 million and renewable road transport fuels £500 million.
Shell's non-executive chairman Lord Oxburgh said that the "nimble" could benefit from the opportunities presented by climate change.
"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," he said.
James Smith, chairman of Shell UK, added: "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. We have to step up to the challenge.
"Our small businesses and the scientific depth in our universities are going to be vital contributors."
Climate change is currently high on the international agenda; formal UN talks on climate change will be held next month in Nairobi following the two-day climate summit which was held in Mexico at the start of October.