For us at Kwintessential the Chancellor’s budget yesterday had some very positive news. As well as measures to get SME businesses growing and creating jobs, the headline grabber was that the government is pinning the future of the country’s growth on manufacturing and in particular green technologies.
Coincidently, the announcement came on the same day that Frost & Sullivan distributed a report stating that the global market for green technologies is set to grow to approximately $800 billion by 2012. In 2009, global investments in renewable energy power generation (US$140.00 billion) far exceeded that of fossil-fuelled power generation (US$110.00 billion) demonstrating a mood within business and government that such technology is crucial.
“The number of green energy and climate-friendly projects is increasing rapidly in both the public and private sectors in the Asia Pacific,” says Frost & Sullivan Consultant Chukiat Wongtaveerat. “Moreover, high-initiative countries have allocated substantial funds for green investment themes, which include boosting green infrastructure, using low-carbon and renewable power, ensuring energy efficiency, as well as controlling water usage and waste generation.”
As well as the UK, many countries in the Asia Pacific have stepped up investment in green technology. Japan, South Korea and Australia are at the forefront of this drive, while emerging economies such as China and India intend to sustain their current pace of public and private investment in all areas of the environment sector including renewable energy, waste management and green technologies.
In the UK, George Osborne announced changes to environmental legislation that will see more money being put into green funds. He revealed that there will be an increase in capital for the Green Investment Bank, which will see the value rise to £3 billion. This will help boost investment in green technology, he stated, as well as the production of electricity through low-carbon infrastructure.
In 2009 Kwintessential spotted the potential growth in the green technology market. This led to R&D within our translation offering ensuring that we have the right translators with the right industry specific knowledge. As a result we now offer translation services specifically aimed at the sector mainly around assisting British companies export their products, services and technologies.
Yesterday’s news gives us confidence that the future is bright…….bright green.