Green tech business said to be worth €1.4 trillion

The business of green technology is worth €1.4 trillion and expected to rise to €3.1 trillion, according to Barbara Kux, a Member of the Managing Board of Siemens AG.

Speaking during a panel discussion at the ongoing COP 17 , climate change conference in Durban, South Africa, she said there is big demand for green technology and companies that fail to adapt will eventually lose out.

Contributing to the debate, Christiana Figueres, the Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), said the business sector has a role to play in climate change issues. She described a green economy as one in which businesses configure and reconfigure their way of doing business. She urged that businesses should build a sustainable economy that responds to climate change.

By Emmanuel K. Dogbevi, back from Durban, South Africa