A study has concluded that the green economy in British Columbia could be worth more than $27 billion by 2020.

It has been stressed by "British Columbia's Green Economy: Building a Strong Low-Carbon Future" by the GLOBE Foundation 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.

John Wiebe, chief executive officer of the GLOBE Foundation, in releasing the study Wednesday, said, "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."

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, Wiebe told the Vancouver Sun.

According to 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.

Wiebe said in a release, "This report demonstrates a promising future for British Columbia's low-carbon sectors, even using conservative growth estimates. 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." (With Inputs from Agencies)