To achieve long-term and stable prosperity, developing countries should embrace a green economy and look at sustainable trade opportunities, a new UN report has said.
The UN Environment Programme’s (UNEP) study, Green Economy and Trade, highlights six key sectors in which adopting a ‘greener approach’ will be beneficial in the long-term: agriculture, fisheries, forests, manufacturing, renewable energy and tourism.
UNEP executive director Achim Steiner said, “In today’s increasingly interconnected world, where trillions of dollars worth of goods and services are traded annually, greening global trade still presents challenges but also holds significant opportunities.
“If we are to reverse the global decline in biodiversity, mitigate the release of greenhouse gases , halt the degradation of lands and protect our oceans, then it is an imperative that international trade becomes more sustainable and contributes to protecting that ‘natural capital’ of economies in the developing world.”
Since poorer countries heavily rely on natural resources for their economies, the UNEP study says it is crucial that they put all efforts in ensuring that activities are conducted sustainably. If they manage to do so, this will help defeat poverty and achieve sustainable growth.
Steiner added, “At the same time, trade in environmental goods and services is clearly an area where many developing countries have a competitive advantage.”
“With the right policies and price regimes in place, developing countries are well-positioned to help drive the global transition to a more sustainable economy.”