According to the United Nations (UN), the green technology industry is estimated to be worth several trillion dollars by 2030, but developing countries will miss out the boom unless they get on it now . Without any intervention to close the gap, the early adopters might build in lasting advantages, making it even harder for the developing countries to catch up, United Nations Conference on Trade and Development (UNCTAD) said.
UNCTAD estimated that 17 key frontier technologies including artificial intelligence, green hydrogen, biofuel, electric vehicles, nanotechnology, 5G, gene editing, robotics , 3D printing , wind energy and blockchain, could create a market worth over $9.5 trillion by 2030, moving up from the $1.5 trillion of 2020. Further, it noted that smaller developing countries with less to contribute towards climate change, were often struggling to to access technology that could help them mitigate against it.
According to Pedro Manuel Moreno, deputy leader, UNCTAD, they need more investment, more tech transfer and more international coherence between global climate and trade agreements. He also added that the trade rules should emphasise on helping developing countries protect nascent green industries via tariffs, subsidies and public procurement.