New HSBC study claims companies working on products to tackle climate change are worth $300bn
Companies dedicated to tackling climate change are now worth more than the entire economy of Greece, according to a new study from HSBC released yesterday.
The research from HSBC's Global Banking and Markets research arm found that globally clean tech firms boast combined market capitalisations of $300bn, making the sector bigger than the software and biotech sectors combined.
"It seems amazing but companies that are deriving profits from addressing climate change are now worth more than the GDP of Greece," said HSBC spokesman Charles Clarke. "It really puts paid to all those people who still don't think this is a big issue."
HSBC unveiled the research on the same day as it launched a new service designed to make it easier for fund managers to access specialist research on climate change and related business risks and opportunities.
The bank has entered into a so-called "commission sharing agreement" with Ernst & Young's Renewable Energy and Environmental Infrastructure Advisory arm, analyst firm New Energy Finance, consultancy Risk Management Solutions, and the UK Met Office.
Under the terms' of the agreement, fund managers that undertake stock trades through HSBC will be able to access climate change-related research from the four organisations, which in return will receive a cut of HSBC's commission from the trades.
"The fund managers can still go direct to the research providers, but this gives them ready access to a package of specialist research," explained Clarke.
Samir Assaf, head of global markets for HSBC global banking and markets added that the new service would help meet growing demand for climate change research amongst the investment community.
"Climate change is set to be one of the defining investment opportunities in the years ahead," he said. "In their investment decisions, fund managers base selection on the best research available, and HSBC's partners in this initiative are clear market leaders in their field."
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