Tuesday, June 22, 2010

The Growth of the Green Market

The green market has been growing fast and shows no signs of slowing. The global environmental industry is presently worth almost one and a half trillion dollars and it is expected to double in the next decade.

Even in an economic environment marked by widespread declines, the green market showed steady growth. In 2007 the green market grew 8%. In 2008 as the wider economy began feeling the effects of the most serious downturn since the Great Depression, the green market managed to grow a remarkable 3%.

Forecasts published in July 2009, by US trade publication Environmental Business Journal (EBJ) expected a 2009 growth rate 0.6% for the US environmental industry. However, the EBJ described 0.6% growth as a significant achievement given that the prevailing estimates expected the US gross domestic product (GDP) to contract by 2-4% in 2009.

On June 17 2010, the Dubai Chamber of Commerce & Industry released a newsletter that indicates the global market for environmental products and services will double by 2020.

Established in 1965, the Dubai Chamber of Commerce & Industry is a non-profit public entity, whose mission is to represent, support and protect the interests of the business community in Dubai by creating a favorable business environment, supporting the development of business, and by promoting Dubai as an international business hub.

The Dubai Chamber of Commerce and Industry's Centre for Responsible Business (CRB) has released this year's fourth issue of its bi-monthly newsletter, CSR Al Youm. The newsletter addresses the opportunities, competencies and complexities of the Green Market. According to the newsletter, the green market will double from $1.37 trillion a year in 2010 to $2.74 trillion by 2020.

The news that the green market will double in the next decade adds to the growing number of reports that point to vast opportunities.

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1 comment:

Mona Reese said...

Great post! I think this is why it is so important for Canada and the United States to support green industries in order to be competitive in the growing world market.