The U.S. sustainable business market will double over the next four years, reaching $60 billion in 2014 up from $28 billion in 2010, according to a new report from analyst firm Verdantix.

The report, “US Sustainable Business Spending 2009-14,” which evaluated 1,833 companies with U.S. revenue of at least $1 billion, finds that their sustainability spend will increase 11 percent in 2010, compared to the previous year, continuing to grow 16 percent in 2011 and 24 percent in 2012. The compound annual growth rate (CAGR) across all 20 industries covered by the market forecast is projected at 19 percent from 2009 to 2014.

“The elevation of sustainable business decisions to the C-Suite drives increased expenditure across all sustainability issues. But the U.S. market is still 2 years away from rapid growth due to the sluggish global economy, delayed federal regulations and a lack of mature programs in firms with revenues of less than $10 billion,” said Verdantix Director, David Metcalfe, in a statement.

The Verdantix model is based on more than 1,250 corporate sustainability programs and defines sustainable business spend across 29 sustainability initiatives including spending on energy efficiency, carbon management, sustainability strategy, risk management, cleantech innovation, sustainable operations, human capital investments and industrial emission reductions.

Verdantix projects that the U.S. sustainable business market will exceed $32 billion in 2011, and reach $40 billion in 2012 and $49 billion in 2013. The biggest spenders will be power utilities and automotive firms, followed by high-tech engineering and industrial engineering.