Businesses selling low-carbon goods and services now generate more revenue than the aerospace and defence sectors combined, making the sector one of the new linchpins of the global economy, according to research by HSBC.

Listed companies in the climate change sector – including renewable-power generators, nuclear, energy management, water and waste companies – reached a global turnover of $534bn in 2008, according to HSBC. The aerospace and defence sector was worth $530bn, the international bank said.