Low carbon business opportunities in Brazil and South Korea
Two reports published by UK Trade and Investment (UKTI) have revealed low carbon business opportunities in Brazil and South Korea stretch into billions of pounds.
UKTI is the government department that helps UK-based companies succeed in the global economy.
In 2010/2011 global sales of low carbon and environmental goods and services were £3.3 trillion. The UK market is the sixth largest in the world with a market share of 3.7%. It is worth £117 billion and is expected to show a steady increase in growth to almost 6 per cent by 2016/17.
The Brazil report, written by the Carbon Trust, has identified around £125bn worth of low carbon opportunities in Brazil, while the South Korean report highlights thirty specific low carbon opportunities.
Edward Davey, Secretary of State for Energy and Climate Change, said the UK is leading the way to increase electricity generation from new and renewable sources.
It is providing sustainable solutions that can be applied and replicated across the world, he added.
Davey said the reports match UK strengths to South Korean and Brazilian needs in low-carbon goods and services.
In Brazil, the world’s sixth largest economy and the world leader in bio-ethanol production, there are billions of pounds of opportunities.
In South Korea there are more than 30 specific opportunities highlighted in new and renewable energy and also green building design and materials. The South Korean Presidential Committee for Green Growth has set a target of a 30% reduction in carbon emissions by 2020.
Trade & Investment Minister, Lord Green said the UK is in a great position to lead the global transition to a low carbon economy, as countries such as Brazil and the South Korea look to reduce their energy consumption significantly.
Companies in low carbon sector in the UK have gained international recognition for their innovation and expertise.
The best example is the London 2012 Olympics where sustainability and low carbon initiatives played key roles in seeing the Games recognised as the most sustainable ever, added Lord Green.
In Brazil, major infrastructure developments are creating an array of significant low carbon opportunities, particularly as the country looks forward to hosting the Football World Cup in 2014 and the 2016 Olympic Games in Rio de Janeiro.
Prospects for UK companies in South Korea are plentiful and diverse as the South Korean Government is pursuing an ambitious low carbon strategy, having made a commitment in July 2009 to spending 2% of annual GDP on the low carbon economy.
Recent completion of the EU-South Korea Free Trade Agreement also ensure that 97% of all trade tariffs will be eliminated within three years, removing barriers to trade across a wide range of sectors, including low carbon.
More than 100 UK companies attended the launch event in London where they received copies of the two reports. UKTI gave them advice on doing business in Brazil and South Korea. UKTI also explained which services were most suitable to help grow their business overseas.