Developing countries risk being left behind by green tech revolution, warns UN development body

Digging deeper into the report

The report details 17 technologies that are considered to be on the “leading edge of green innovation”, including artificial intelligence, biofuels, electric vehicles and others, and highlights their potential economic benefits and capabilities.

“These technologies have experienced tremendous growth in the past two decades: in 2020, the total market value was $1.5tn and by 2030 could reach $9.5tn. Around half of the latter is for the internet of things (IoT), which embraces a vast range of devices across multiple sectors,” the report stated.

However, action is needed to ensure developing countries are better positioned to make full use of these technologies so they can meet their own climate goals and capture some of the economic opportunity they represent.

“We are at the beginning of a technological revolution based on green technologies,” said UNCTAD secretary-general Rebeca Grynspan. “This new wave of technological change will have a formidable impact on the global economy. Developing countries must capture more of the value being created in this technological revolution to grow their economies.”

She added: “Missing this technological wave because of insufficient policy attention or lack of targeted investment in building capacities would have long-lasting negative implications.”

“The majority of global renewable energy capacity, technology and expertise is housed within a handful of countries. As the world transitions to a net-zero, resilient and just future, we cannot allow developing countries to fall behind”

To prevent this from happening, governments in developing countries must urgently revamp their industrial, innovation and energy policies to champion the use and development of green technologies, and channel more investment into this area, said UNCTAD.

The report also urged developed countries to provide a helping hand to their less well-off counterparts to ensure all nations can participate and take full economic advantage of the green tech revolution.

“The majority of global renewable energy capacity, technology and expertise is housed within a handful of countries. As the world transitions to a net-zero, resilient and just future, we cannot allow developing countries to fall behind,” the report stated.

It is also time for developed countries to step up and do their bit to level the playing field to ensure equitable access to renewable power and green technologies for all nations, the report added. 

“Together – with international financial institutions and the private sector – developed countries must level the playing field to fast-track renewable energy projects in developing countries. [Because] the fight against climate change is everybody’s fight,” it stated.

“By working in solidarity and creating the conditions for the renewables revolution, we can harness the full potential of a just transition for all countries, and pass on a greener, prosperous and more sustainable world to our children and grandchildren.”