Enigin Update - Opportunities as London's Green Economy Thrives
LONDON’S green economy is thriving, despite the downturn, according to new figures published today by the Mayor of London, Boris Johnson.
Figures compiled by INNOVAS for a report commissioned by the Mayor, has examined in detail for the first time, the health of the low carbon and environmental goods and services sector in London during 2009-2010. It reveals that the sector grew by over four per cent a year, was supporting 9,000 companies employing 160,000 people and importantly, is set to grow further.
The snapshot of London's green economy shows in detail the state of the green economy by borough. It showed that the largest share of the green sector sits in the City of London (predominantly due to its position as the centre of carbon finance). However, Westminster and Dagenham & Barking also have a high market share.
There are also a number of areas where London underperforms compared to other UK nations and regions. These include the sub sectors of energy management and building technologies. The market opportunity for these areas in London and globally is considerable, representing real opportunities for companies to increase their market share whilst supporting London to achieve its environmental goals.
The general situation and the areas of improvement show that there are plenty of opportunities for Enigin Distributors across the UK capital, with Enigin plc's products, such as Eniscope Real-time and Analytics system, which enables energy management simply but incredibly effectively - saving energy use and energy costs.
The Mayor, Boris Johnson, said: 'Making London an energy efficient, low carbon city is not only vital to meet environmental challenges, but it will also attract significant new investment into the city and create tens of thousands of jobs for Londoners.
“These figures clearly show that the capital is already established as a leader in low carbon finance and it is encouraging to see our city gathering strength in other significant areas of the green economy, such as renewable energy and low carbon building technologies.
“The focus of our programmes designed to improve London's environment and our quality of life, are helping to stimulate this growing sector of our economy, for example, our initiatives to retrofit tens of thousands of buildings with energy efficiency measures.'
Key findings in the INNOVAS report:
- Despite the economic downturn, the value of London’s low carbon and environmental goods and services sector has grown by over four per cent a year, with sales to a value of over £23 billion in 2009-10;
- Despite the economic downturn, employment in the sector has grown from 157,000 in 2008-09 to 160,000 in 2009-10 (3,000 new jobs). These are mainly in the new emerging low carbon sector;
- London’s low carbon and environmental goods and services sector is forecast to be over £27 billion by the end of 2012/13 (an 18 per cent increase on 2009/10 levels).
The Mayor is championing green economic growth to attract investment and create jobs in part through his vision to 'retrofit London' to make it energy efficient and save money off bills. This will also put London on track to meet his target of cutting carbon by 60 per cent by 2025.
Picture by Christine Matthews of London City Hall at Night (Christine Matthews) / CC BY-SA 2.0
