By Maximilian Clarke

London’s low-carbon economy is thriving despite the worsening economic environment, figures published by Mayor Boris Johnson show.

Averaging 4% annual growth, the environmental products and services sector employs some 160,000 people from 9,000 businesses across the Capital

The new analysis, published on Wednesday by INNOVAS, shows that London's environmental strengths, when compared to other UK regions, were in carbon finance, geo-thermal, solar/photovoltaics and waste management.

Carbon finance makes up the biggest share of this, worth nearly £6billion, and with nearly 2,000 companies employing over 23,000 people. It also accounts for 97 per cent of the UK carbon finance market. This is in line with London's pre-eminence as a leading financial centre and the power house of the UK economy.

“Making London an energy efficient, low carbon city is not only vital to meet environmental challenges, but it will also attract significant new investment into the city and create tens of thousands of jobs for Londoners,” said Mayor Boris. “These figures clearly show that the capital is already established as a leader in low carbon finance and it is encouraging to see our city gathering strength in other significant areas of the green economy, such as renewable energy and low carbon building technologies.

“The focus of our programmes designed to improve London's environment and our quality of life, are helping to stimulate this growing sector of our economy, for example, our initiatives to retrofit tens of thousands of buildings with energy efficiency measures.”

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