Many developing countries may miss out on the benefits of the “green tech” revolution unless governments and the international community take decisive action now, the head of the UN Conference on Trade and Development (UNCTAD) said on Thursday, releasing its latest report.
“We are at the beginning of a technological revolution based on green technologies,” UNCTAD Secretary-General Rebeca Grynspan said. “This new wave of technological change will have a formidable impact on the global economy.”
The 17 frontier technologies covered in UNCTAD’s Technology and Innovation Report 2023 have the potential to create market revenues of more than $9.5 trillion by 2030, about three times the size of India’s economy today.
Used to produce goods and services with smaller carbon footprints, the new wave of green technologies spans artificial intelligence to electric vehicles.
The report calls for coherent policy action to enable developing countries to profit from green tech or risk facing growing economic inequalities, as developed countries reap most of the benefits.
“Developing countries must capture more of the value being created in this technological revolution to grow their economies,” Ms. Grynspan said. “Missing this technological wave because of insufficient policy attention or lack of targeted investment in building capacities would have long-lasting negative implications.”