Main Driver of the Economy: Clean Technology?

A new report by KPMG is claiming that the clean technology sector is a strong force in the economy of several Canadian provinces, including British Columbia. The report says that clean tech firms will directly generate over $2.5 billion for the economy in 2011, not including other economic benefits created by these companies. This is a 57% increase from 2008. The growth is not expected to slow either; KPMG has stated that the sector will grow 16.5% to 8,400 employees in 2011.

The majority of clean tech companies are involved in the energy industry. One in three clean tech companies is involved in energy generation technology, a trend that is sure to continue as oil and energy prices rise across the globe. From wind farms to biomass plants to geothermal plants to clean transportation systems, the changing face of the sustainable energy industry can be seen all over. Another 29 percent of corporations in the clean technology industry are involved in other aspects of the energy sector as well. The remaining third companies are in the resource management field, including water and waste.

This shows that these companies are truly leading the technological advances of tomorrow. In a global economy where sustainability is an ever-growing trend, companies in the clean tech sector are leading the charge. Most of the companies in this field are very young, a reported 68% are under 10 years old. There is a growing demand for sustainable energy, and companies are expanding and being created to supply this demand.

The numbers in Canada reflect a global trend, says Jonathon Rhone, chair on the BC Cleantech CEO Alliance. He said that global investment in clean tech grew from $52 billion to $243 billion. This trend is sure to not only continue, but also increase in the coming years.

In this rapid-paced, knowledge-based industry, innovation is key to a company’s success. Remaining ahead of the curve is critical for companies in the clean tech industry. It will be very exciting to see the products and services that this industry has to offer. To view more information about the technology industry, click here!