GLOBE Foundation Predicts Boom in B.C's Green Economy

A new report from the GLOBE Foundation predicts big things for British Columbia's green economy, valuing its worth at $27 billion by 2020.

"British Columbia's Green Economy: Building a Strong Low-Carbon Future" (pdf) stresses that BC's abundant natural resources, clean energy choices, and advanced research and educational strengths, coupled with its strategic location as Canada's Pacific Gateway, positions the province to realize significant economic and employment gains from the pursuit of low-carbon business opportunities.

The report identifies six key sectors that form the core of the province's green economy, measuring their impacts on Gross Domestic Product (GDP) and employment.

The six sectors are:

• Clean and Alternative Energy;
• Energy Management and Efficiency;
• Green Building;
• Environmental Protection;
• Carbon Finance and Investment;
• and Green Knowledge, which includes all of the major education, research, and training entities in the province.

The study determined that BC's six green sectors in 2008 contributed to upwards of $18.3 billion in revenues to the BC economy, accounting for nearly 166,000 direct and indirect full-time equivalent jobs (equal to 7.2 per cent of total provincial employment) and $15.3 billion to provincial GDP (equal to 10.2 per cent of total provincial GDP).

Choosing to use a more conservative growth estimate for employment figures due to a predicted shortage in the supply of labor, the GLOBE report suggests that the number of direct and indirect full-time equivalent green jobs in the province could grow to over 225,000 by 2020.

It also examined various growth scenarios and determined that GDP growth by 2020 could range from between $21.0 billion at a conservative average annual growth rate (AAGR) of 2.7 per cent, and $27.3 billion at an achievable and more optimistic AAGR of 5.0 per cent.

About GLOBE:

The GLOBE Foundation of Canada is a Vancouver-based, not-for-profit organization dedicated to finding practical business-oriented solutions to the world's environmental problems.

Formed in 1993, the GLOBE Foundation has helped companies and individuals realize the value of economically viable environmental business opportunities through its conferences and events, research and consulting, project management, communications and awards program.

Sources: Globe-Net