Embrace the green tech revolution or risk falling behind, new UN report warns

“We are on beginning of the technological revolution based on green technologies. UNCTAD This was stated by Secretary General Rebeca Greenspan. “This new wave of technological change will have a huge impact on the global economy.”

17 Hi-tech covered by UNCTAD Technology & Innovation Report 2023 have the potential to generate market revenues of over $9.5 trillion by 2030, about three times the size of India’s modern economy.

Well-coordinated action

Used to produce goods and services smaller carbon footprinta new wave of green technology is embracing artificial intelligence To electric vehicles.

The report calls consistent political action give developing countries the opportunity profit from green technologies or the risk of growing economic inequality as developed countries reap most of the benefits.

“Developing countries should use more of the value created by this technological revolution to grow their economies,” Ms Greenspan said. “Missing this technology wave due to insufficient political attention or lack of targeted investment in capacity building will have long-term negative consequences“.

Early Adopters Grow Faster

While the export of green technologies from developing countries have grown to $75 billion from $57 billion between 2018 and 2021, their global market share fell to 33 percent from 48 percent. During the same period, organic exports from developed countries jumped to $156 billion from $60 billion.

UNCTAD’s analysis shows that developing countries must act quickly and move onto a development trajectory leading to a more diversified, productive and competitive economy. Previous technological revolutions have shown that early adopters can move forward faster and create long-term benefits.

Wanted: Agency and Urgency

Proactive industry, innovation and energy green technology oriented policy is needed in developing countries so they can benefit from the green technology revolution,” said Shamika N. Sirimann, Director, Technology and Logistics Division, UNCTAD.

“Developing countries need leeway and urgency to come up with the right policies,” she said. “As developing countries respond to today’s urgent interconnected crises, they also need to take strategic, long-term action building innovative and technological capacity to stimulate sustainable economic growth and increase your resilience to future crises“.

UNCTAD calls on the governments of developing countries harmonize environmental, scientific, technological, innovation and industrial policiesand encourages them to prioritize investment in greener and more sophisticated sectors and create incentives to shift consumer demand towards greener products.

The report also calls for international program that guarantees the purchase of tradable organic goodscoordinated research on green technologies at the multinational level, increased support for regional centers of excellence for green technologies and innovations, and multilateral fund stimulate green innovation and strengthen cooperation between countries.

“Least Ready” Countries

Report “Advanced Technology Readiness Indexshows that very few developing countries have the capacity to profit from green technologies such as blockchain, drones, gene editing, nanotechnology and solar energy.

The ranking of 166 countries is based on indicators of ICT, skills, research and development, industrial capacity and finance, and is dominated by high-income countries such as the Netherlands, Singapore, Sweden and the United States. It also shows that countries in Latin America, Caribbean and Sub-Saharan Africa least willing to use advanced technologies and risky missed current technological opportunities.