The green economy in British Columbia could be worth more than $27 billion by 2020, a study concluded.

"British Columbia's Green Economy: Building a Strong Low-Carbon Future" by the GLOBE Foundation, stresses that the Canadian province's rich natural resources, clean energy decisions and research and educational strengths, along with its strategic location, positions it to achieve significant economic growth and new jobs.

"There is great potential for British Columbia to be at the forefront of the emerging green economy by taking advantage of our existing assets, such as our renewable energy resources and our diverse workforce," said John Wiebe, chief executive officer of the GLOBE Foundation, in releasing the study Wednesday.

Wiebe told the Vancouver Sun that the province could become a "living laboratory" for green sector growth that would add value to its gross domestic product more than twice as fast as the economy as a whole.

The GLOBE report said British Columbia's green sector, which includes clean and alternative energy, energy management and efficiency and carbon finance and investment, in 2008 accounted for 10.2 percent of gross domestic product or $15.3 billion in direct and indirect GDP.

The GLOBE study projects that by 2020, that figure will rise to $21 billion at a "conservative" annual growth rate of 2.7 percent. At a higher annual growth rate of 5 percent, which the report's authors consider "achievable," the green sector would account for $27.4 billion.

"This report demonstrates a promising future for British Columbia's low-carbon sectors, even using conservative growth estimates," Wiebe said in a release. "By aligning investment and policy initiatives with British Columbia's core low-carbon sectors, there is a good potential for green GDP and job figures to grow higher still."

As for jobs, during 2008, the green sector accounted for nearly 166,000 jobs, or 7.2 percent of total provincial employment.

The GLOBE report predicts that "green" jobs in the province could grow to more than 225,000 by 2020.

In related news, British Columbia announced this month that the province's clean energy sector would get a $100 million boost for research and development aimed at reducing greenhouse gas emissions.

The $100 million, to be spent over three years, includes research and development of green power technology including wind, solar, geothermal and tidal power as well as support for development of biofuels from wood waste.

"Development of clean and renewable green energy will be one of the highest priorities for the province, with the intention of making British Columbia a green energy powerhouse," the government said.