Climate change leads to $300 bn businessOctober 20th, 2008 - 11:44 am ICT by IANS
New Delhi, Oct 20 (IANS) With the problems of climate change gaining urgency, tackling it has become a bigger business than software and biotechnology combined, a research report says.Global annual revenues from climate change businesses - which include renewable energy, nuclear power and energy management - have now surpassed $300 billion, HSBC’s global banking and markets research team has found.
HSBC said that 390 companies around the world could now be classed as providing goods or services that tackle climate change, up from 300 companies a year ago and about 166 in early 2004. These companies have not so far been considered together in one group as they are spread across many existing sector categories. But now, HSBC said, this was a “clearly identifiable sector”.
“During the last year we’ve seen a massive growth in the number of companies providing goods and services designed to address climate change,” said Joaquim de Lima, global head of quant research for equities at HSBC.
“This demonstrates that companies are taking the issue seriously and are willing to adapt their businesses to the challenges.”
The companies include large multinationals such as Siemens and Philips, which are usually considered as general industrials; large renewable energy companies, such as Vestas and Suzlon, the Danish and Indian makers of wind turbines respectively; and a big number of smaller start-ups, such as energy management software specialists.
HSBC has created an index of climate change companies that includes only those getting a large proportion of their revenues from low-emission products or services.
The index was designed to help investors who want to put their money in companies that are expected to profit from climate change business.
- Telecom sector exploiting diesel subsidy, says report - May 18, 2011
- ICT key to combat climate change, say experts - Dec 22, 2011
- Suzlon crosses 5,000 MW of wind power installations in India - Sep 24, 2010
- India's IT industry bets on growth despite uncertainty - Jan 08, 2012
- Siemens' new strategy targets 60 'Made for India' products - Nov 16, 2011
- Suzlon Group to sell China subsidiary for $60 mn - Jun 23, 2012
- Finnish mobile software firm to launch Bangalore operations - Jul 10, 2010
- Suzlon Energy bags Rs.1,149 crore wind power order - Sep 21, 2010
- Technologists honoured for innovative solutions - Feb 05, 2011
- Zuma vows to achieve green growth with or without climate deal - Dec 04, 2011
- Brand Hyderabad takes a beating due to Telangana turmoil - Oct 02, 2011
- Connect 2011 to start in Chennai Dec 20 - Nov 28, 2011
- Siemens bags Rs.165 crore IGI airport contract - Jun 20, 2011
- France's Thales bets big on India's metro, rail projects - Apr 24, 2012
- France's Thales eyes big in India's metro, rail projects - Apr 25, 2012