Green goods are the only products immune from the global trade crisis
The United Nations Conference on Trade and Development (UNCTAD) recently released its Global Trade Update, which highlighted how ecological goods are bucking the trend of the global trade crisis. For example, demand for wind turbines, electric or hybrid cars, and sustainable packaging is still strong and increased by 4% in the second half of 2022, reaching a value of 1.9 trillion dollars.
“This is a good news for the planet – commented the economist UNCTAD Alessandro Nicita – because these resources are essential to preserving the ecosystem and preventing climate change”.
Growing demand of ecological goods
According to the report, between the most popular eco-friendly products in 2022, there are electric or hybrid cars, packaging without plastic, and wind turbines. The report outlines a more fluctuating situation for 2023; global trade in 2022 recorded a value of 32 trilion dollars but the crisis generated by energy issues has driven to a downward trend for the second half-year, outlining prospects still “uncertain.” Among the reasons, the strong geopolitical tensions, the rise in prices of raw materials, and the growth iof public debt, along with the interest rates. The effects could include some global trade slowdown in the first half of the year, but this could be followed by a number of “positive factors”: the document claims that a weaker US currency will stabilize transportation prices and lead to linear supply chains, which could give new life to the trade.
In this perspective, the Conference predicts further growth for ecological goods, as confirmed by the pubblication of the latest Technology and Innovarion Report, which referred to this phase as “the beginning of a green technological revolultion”.
By 2030, the value of elecritc cars, solar, wind, or green hydrogen components, as well as general transition technologies, will have quadrupled to more than 2 trillion dollars.
However the age-old issue of technological development is still present: while wealthier nations are taking advantage of green technology opportunities and promoting the develpment of ecological goods, the developing nations are falling behind. “Missing this green technology wave due to insufficient political attention or lack of investment in skills and capacity building would have long-lasting negative consequences” according to the report the international community recommends to close the gaps now present by assisting emerging economies’ green industries.