Global trade slows down, but green industry grows, says UN

The export of green products, such as electric cars and wind turbines, managed to maintain its pace last year, despite the slowdown in world trade, the UN said on Thursday (23). World trade reached a record $32 trillion in 2022, before falling in the second half of the year amid deteriorating economic conditions and rising uncertainty. According to the United Nations Conference on Trade and Development (UNCTAD), world trade growth is expected to remain stagnant in the first half of this year.

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Isabella Caminoto

March 23, 2023 12:00

However, according to the same source, the trade in organic products grew by around 4% in the second half of 2022.

The accumulated value reached a record number of 1,9 trillion dollars in 2022, which represents an increase of more than 100 billion compared to 2021.

“This is good news for the planet,” said Alessandro Nicita, one of the report’s authors. “These goods are essential to protect the environment and combat climate change,” he added.

World trade hit a record $32 trillion in 2022, but growth turned negative in the last half of the year & is set to stagnate in early 2023.

The silver lining was the strong trade performance in green goods, whose growth held strong throughout the year. https://t.co/FWhVK7hbzc
— UN Trade and Development (@UNCTAD) March 23, 2023

Eco-friendly goods That performed particularly well included electric and hybrid vehicles (+25%), non-plastic packaging (+20%) and wind turbines (+10%).

UNCTAD expects green industries to grow as countries step up their efforts to combat climate change and reduce emissions.

The organization predicts that the global market for electric vehicles, solar and wind energy, green hydrogen and a dozen other green technologies will reach $2,1 trillion by 2030, four times their current value.

What is green hydrogen?

Green hydrogen is a form of clean, renewable energy produced from the electrolysis of water using electricity generated from renewable sources such as solar, wind or hydropower. This production is considered “green” because it does not emit greenhouse gases or pollutants, making it a promising alternative to fossil fuels. 💚

(To AFP)

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This post was last modified on March 23, 2023 12:26 pm

Isabella Caminoto

Lawyer and master's student in International Law, I have democracy and freedom as undeniable flags. I am passionate about animals and believe that the well-being of our planet should be the daily highlight of our society's agenda.