The report identifies 17 technologies that are considered to be on the “leading edge of green innovation,” including artificial intelligence, biofuels, electric vehicles and others. These technologies have experienced tremendous growth in the past two decades, with a total market value of $1.5tn in 2020 and potentially reaching $9.5tn by 2030.

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

UNCTAD 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 report emphasises that the majority of global renewable energy capacity, technology and expertise is housed within a handful of countries, and the world cannot allow developing countries to fall behind as it transitions to a net-zero, resilient and just future. Developed countries must level the playing field to fast-track renewable energy projects in developing countries, together with international financial institutions and the private sector, to harness the full potential of a just transition for all countries.

Missing this technological wave because of insufficient policy attention or lack of targeted investment in building capacities would have long-lasting negative implications. The fight against climate change is everybody’s fight, and it is time for developed countries to step up and do their bit to ensure equitable access to renewable