HSBC, a large global bank, is projecting that the climate industry will reach $2 trillion revenue by 2020. Their analysis shows that the climate industry had revenues of $530 billion in 2008, making it larger today than the global aerospace of defense industries.
Growing to $2 trillion means roughly a 14% annual revenue growth rate over the next decade.
If this happens, the climate industry will become one of the largest private sector industries.
VCs have noticed this trend. The chart on the right is from a recent report from the National Venture Capital Association. It shows the rapid growth in VC cleantech investments.