The so-called green economy is experiencing a boom worldwide, and the market for environmentally friendly products and services is likely to double by 2020, according to the latest research by the United Nations.
The UN report, released on the margins of the annual session of the UN General Assembly, estimates that the value of the global market for green products and services will double to $2.74 billion by 2020. Efforts aimed at combating climate change have already created millions of new "green jobs" and opened new sectors for economic growth, as countries around the world invest in new technologies. UN officials have urged governments to continue acting in this direction, despite the global economic crisis.
"The world will spend hundreds of billions of dollars in the next 12 months to stabilize the global economy. Try to imagine what it would be like if even one stimulus package were directed towards investments in the new economy of the 21st century," said Achim Steiner, head of the UN Environment Programme.
However, the UN report warns that many poor countries, which are most affected by the consequences of climate change, have been left out of this boom. Reorienting developing economies from dirty to clean industries is crucial for reducing global warming as well as for alleviating poverty in many developing regions, according to the UN.
In a separate effort to combat global warming, the UN has launched a new initiative to help developing countries combat deforestation – a process that accounts for nearly one-fifth of greenhouse gas emissions into the atmosphere. Nine countries, including Indonesia, Congo, and Vietnam, have agreed to participate in this project, which Norway has offered $35 million to initiate. (H)
