London touts low-carbon economy

Jan. 19, 2011 at 7:53 AM
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SYDNEY, Jan. 19 (UPI) -- A key to advancing the development of a low-carbon economy is to team with countries already gaining ground, the British foreign secretary said in Sydney.

British Foreign Secretary William Hague, during a conference Wednesday, said global economies need to meet challenges presented by climate change by shifting to low carbon energy solutions.

Hague noted that the British economy grew by more than 30 percent from 1990 to 2005. Greenhouse gas emissions, meanwhile, fell more than 12 percent during the same period, he added.

The low-carbon energy sector in Britain, he said, was a $180 billion industry and green energy was one of the few sectors to show growth during the recent recession.

London, said Hague, sees the shift to a low-carbon economy as boost for business growth. The challenge, he added, is to take advantage of green opportunities by joining forces with countries already at the forefront of new energy "or risk being left behind."

Green energy is the sixth largest industry in the world according to the Foreign and Commonwealth Office, valued at around $5.2 trillion.

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