Andrew Dismore

Low carbon economy (1)

Question No: 2617 / 2012

Andrew Dismore

Given the GLA website says, “If London can produce just 1% of the low carbon goods and services that are forecast to be needed globally, we will attract £40 billion of investment and create 200,000 jobs over the coming years.” How much investment and jobs were created in the low carbon goods sector during your first term? And how much of that investment and how many of those jobs were as a direct result of your interventions?

Written response from the Mayor

The Climate Change Mitigation and Energy Strategy states that an estimated £40 billion is needed to deliver the entire 60 per cent reduction by 2025 (Government and Mayoral savings). The global market for low carbon goods and services is worth around £3 trillion and set to increase by £368 billion a year until 2030. If London secured 1 per cent of global spend, equivalent to its market share of GDP it would be worth £3.7 billion a year through to 2030.

The latest available figures for London’s low carbon and environment good and services sector show that the turnover of these businesses in London has increased from £20,929 million in 2007/08 to £22,980 million in 2009/10. This is forecast to reach £27,097 million by the end of 2012/13. The sector currently employs 160,000 in London.

Further details can be found in the Low Carbon Market Snaphot published in December 2011

http://www.london.gov.uk/priorities/environment/climate-change/low-carbon-economy.