Today Rt Hon Chris Huhne MP had a speech about -The Economics of Climate Change- in front of the Corporate Leaders’ Group in London. Huhne set out three key arguments crucial for the vision of the future. “First, we must get off the oil hook – and onto clean, green growth. The science demands it.

Our survival requires it. And our living standards will benefit from it. Second, this low-carbon revolution can offset fiscal tightening and turbo-charge jobs. It is a large part of the answer to the question of where the jobs and growth are coming from. And third, our economy will be more stable and secure as energy imports wane. Every business will benefit from moderating boom and bust” Huhne claimed.

A low-carbon economy is necessary and it presents an opportunity, not a cost.Globally, the low-carbon goods and services is worth £3.2 trillion, and employs 28 million people. It is growing by 4% a year, faster than developed world gdp, and will accelerate. Between 1999-2008, patents for renewable energy increased by 24% each year. Between 1999-2008, patents for renewable energy increased by 24% each year and in the first half of 2010, green technologies accounted for a quarter of all US venture capital investments. Huhne sustained than this extra inward investment brings jobs and sets the conditions for growth. It also drives learning-by-doing: making companies and economies more productive.

Moreover green growth can protect the economy reducing the exposure to price shocks. Dependence on oil for transport and gas for power puts countries at the humor of the markets over which there is no chance to control. Great Britain cannot rely on the North Sea only. Once it was self-sufficient in oil and gas now GB imports 27 % of its energy and this data are supposed to double by 2020. “Green growth is in our direct national interest” Huhne continued.

Green energy can be an opportunity for companies and markets especially In areas like offshore wind, wave and tidal power, where natural resources and competitive advantages need to be consolidated can consolidate our considerable natural resources and competitive advantages. Huhne also added “We are also one of the world-leaders when it comes to carbon capture and storage – which is why we persuaded the Treasury to sink £1 billion into the first commercial scale CCS plant. CCS is a key future technology. We need it to deal with peaks and troughs in a more variable energy system, and we need it to provide base load power where coal is abundant.” Great Britain has a proud history of converting innovation into commercial success and this time will be the same.

photo windenergyplanning