“Green” job market bucks credit crunch gloom

[Karl]

Reuters, 9 June 2008 –

The “Green” job market is thriving despite lay-offs across the financial and property sectors caused by the global credit crunch, environmental recruiters said on Friday. With concerns over global warming climbing the corporate agenda, the number of climate change specific roles has near tripled in the past 12 months as business looks to cut its carbon footprint, UK-based Acre Resources said in a statement.

The environmental sector, or so-called “green collar” jobs, including roles in renewable energy and corporate social responsibility, has seen some 20 percent growth in same period. "Big companies ... have made very public pledges around their approach to green issues (and) despite pressures indicated by a looming recession, it is too late for most to renege on their environmental commitments," said Andrew Cartland, a managing director at Acre.

The average UK salary for a climate change professional in 2008 is 49,000 pounds ($96,910), up 14 percent from last year, while green collar wages climbed by around five percent to 34,000 pounds ($67,250), Acre said. Top-end green jobs now earn as much as 120,000 pounds ($237,300) annually.

"While oil prices skyrocket, renewable energy solutions look to become more and more viable -- the focus on reducing energy and carbon emissions appears ever-more essential for business," Cartland added. Oil prices hit a new record on Friday of over $139 a barrel. "Many investors are supporting the green agenda as a 'safe' option," he said. Despite being wounded by the credit crisis, banks are pressing ahead with investments in booming renewable energy sector. Investment bank Morgan Stanley on Monday announced it has bought a minority stake $20 million in G24 Innovations, a UK-based solar energy company.

Source: World Business Council for Sustainable Development (WBCSD)