10 March 2014 A top British diplomat has this week predicted that green businesses will be the driving force behind more than a third of the UK's economic growth for 2014. The diplomat in question – British Deputy High Commissioner to Chennai, Bharat Joshi – stated that this anticipated growth as a result of climate friendly or eco conscious concerns, could present businesses with one of the “biggest opportunities since the industrial revolution”.

A Frontrunner with Eco-Friendly Policies

Mr Joshi singled out the United Kingdom as somewhat of a forerunner in the race to lower carbon emissions. Such claims are certainly validated by the presence of numerous eco-friendly policies currently in place throughout businesses in Britain; targets for renewable energy and emissions reductions as well as the mandating of listed companies to include detailed emissions data in official annual reports. According to Mr Joshi, this solid framework has led to increased investment in renewable energies and other similar technologies based in the United Kingdom. As a result, The UK Low Carbon and Environmental Goods and Services Sector (LCEGS) is one of only a handful of areas that should see notable economic growth in 2014/15. Mr Joshi went on to suggest that “over a third of UK economic growth in 2014 is likely to come from green businesses,” and that we should see a whole new industrial revolution, rife with “low-carbon, green businesses”. In some respects, we're already seeing the change in the UK, with eco-conscious, government backed businesses like The Mark Group gaining widespread recognition and accreditation.

Policy Missteps

Mr Joshi does concede that the UK made a few errors as a result of its early-mover status, which meant that it had plenty to share with India in regards to developing workable green legislation and supporting fiscal instruments – a collaboration that should prove to be financially fruitful for both countries. “We need an increase in sharing of technology,” he says. Mr Joshi remains confident that the Britain's domestic low carbon policies will help to open the door to developing far more advanced technology for dealing with the effects of climate change worldwide.

More Stable Footing

Though much of the news regarding climate change has been negative, this recent appraisal of the UK's reaction to the worldwide concern is encouraging. If the rest of the world follows suit, we might find ourselves on more stable footing in fifty years times.