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Cleantech will be third largest global sector

Cleantech will be third largest global sector article image
Clean energy technology will become the world's third largest industrial sector, with Australia behind most developed nations, according to a report released by environmental organisation WWF. WWF have released Clean Economy, Living Planet - Building Strong Clean Energy Technology Industries to coincide with the United Nations climate talks in Copenhagen, Denmark. The report represents the first worldwide country ranking by clean energy sales, with Denmark and Brazil taking the top ranking for their high clean energy spend relative to gross domestic product. By 2020, cleantech will be worth 1,600 billion euros a year, behind automotives and electronics, according to the report. It is already larger than the global pharmaceuticals industry. However, Australia's slow reaction may come at the expense of a share in this industry, said WWF climate change policy manager Kellie Caught. "While the Government's target of 20 percent renewable energy by 2020 and its Flagship grants program will begin to grow Australia's clean energy sector, it will not be enough to lift Australia to the top of the clean energy rankings." Australia is currently ranked 28 on the new WWF index. "China, one of Australia's major trading partners is ranked fourth in terms of clean energy technology absolute sales, and sixth relative to its GDP," adds Caught. "As with manufacturing, Australia stands to lose the opportunity to create a thriving export market and risks thousands of clean energy jobs." She says Australia has a competitive advantage in solar thermal, geothermal, and wave technology.

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