The green economy in British Columbia could be worth more than $27 billion by 2020, according to an independent study.
The Vancouver-based GLOBE Foundation report assesses the economic and employment impacts associated with the transformation of the provincial economy toward lower-carbon energy generation and usage, as well as business practices that reduce greenhouse gas emissions, according to a news release.
'British Columbia's Green Economy: Building a Strong Low-Carbon Future' stresses that B.C.'s abundant natural resources, clean energy choices, and advanced research and educational strengths, coupled with its location as Canada's Pacific Gateway, positions the province to realize significant economic and employment gains from the green economy.
'There is great potential for B.C. to be at the forefront of the emerging green economy by taking advantage of our existing assets such as our renewable energy resources and our diverse workforce,' says John Wiebe, president and CEO of the GLOBE Foundation, in the news release.
The report identifies six key sectors that form the core of the province's green economy and measures 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 B.C.
Drawing on research by the GLOBE Foundation, as well as research from other agencies, the study determined that B.C.'s six green sectors in 2008 contributed $18.3 billion to the B.C. economy, accounting for nearly 166,000 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), according to the release.