China leads the globe in the trade of renewable energy products, a survey from the UN Environmental Programme (UNEP) on Wednesday revealed.
The survey indicates that China leveraged on decreased manufacturing costs and increased investment to boost the trade.
“While there was a decline in growth in Europe in 2013, there was strong growth in China and several other developing country markets,” UNEP Executive Director Achim Steiner told the United Nations Environmental Assembly.
Steiner said developing countries collectively accounted for above 30 per cent new solar photovoltaic capacity installed globally last year.
“A significant contributor to South-South environmental goods and services trade is exchange of renewable energy technologies, which now represents one of the fastest-growing markets in the world,” he added.
Steiner, who is also the UN Under-Secretary-General, said the global environmental product market is expected to grow to approximately 1.9 trillion US dollars by the year 2020.
United Nations Conference on Trade and Development (UNCTAD) Secretary General Mukhisa Kituyi said China is one of the countries to demonstrate a positive shift towards a green economy.
“It has shown commitment to maintaining high environmental standards,” he said. Kituyi urged China to promote environmental consciousness throughout the world.
