The United Nations Conference on Trade and Improvement (UNCTAD) says Latin America and the Caribbean (LAC) could miss out on the rewards of the “green tech” revolution unless governments and the international neighborhood take decisive action now.

“We are at the starting of a technological revolution primarily based on green technologies. This new wave of technological transform will have a formidable influence on the international economy,” mentioned UNCTAD Secretary-Basic Rebeca Grynspan.

In its most up-to-date report titled “Technology and Revolutionary Report 2023,” UNCTAD mentioned the 17 technologies covered have the prospective to generate industry revenues of a lot more than US$9.five trillion by 2030.

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But the report showed that extremely handful of establishing nations, like the Caribbean, have the capacities necessary to profit from such green tech as blockchain, drones, gene editing, nanotechnology, and solar energy.

Ranking 166 nations primarily based on info communication and technologies ICT), capabilities, analysis and improvement, industrial capacity, and economic indicators, the index is dominated by such higher-revenue economies as the Netherlands, Singapore, Sweden, and the United States.

It also shows that nations in Latin America, the Caribbean, and sub-Saharan Africa are the least prepared to harness frontier technologies and are at danger of missing present technological possibilities.

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UNCTAD notes that applied to make goods and solutions with smaller sized carbon footprints, the new wave of green technologies spans artificial intelligence to electric automobiles.

The report calls for coherent policy action to allow establishing nations to profit from green tech or danger facing increasing financial inequalities, as created nations reap most rewards.

“Developing nations need to capture a lot more of the worth becoming designed in this technological revolution to develop their economies,” mentioned Grynspan mentioned.

“Missing this technological wave mainly because of insufficient policy focus or lack of targeted investment in creating capacities would have lengthy-lasting unfavorable implications,” she added.

When green tech exports from establishing nations rose to US$75 billion from US$57 billion among 2018 and 2021, their share of the international industry fell to 33 per cent from 48 per cent. Throughout the identical period, green exports from created nations jumped to US$156 billion from US$60 billion.

CMC/