China leads Asia's push into green technology: UN

May 06, 2010
Wind turbines are seen in China's southwestern Yunnan province. The country is leading a push by Asia-Pacific nations into green technology, which could be their ticket to sustained growth and reduced reliance on Western markets, the United Nations has said.

China is leading a push by Asia-Pacific nations into green technology, which could be their ticket to sustained growth and reduced reliance on Western markets, the United Nations said Thursday.

It said environmentally friendly industries could provide export-dependent regional economies with new sources of growth to help make up for weakened demand in crisis-hit United States and Europe.

"The impact of the crisis has revealed the vulnerability of the region to external shocks," the United Nations Economic and Social Commission for Asia and the Pacific said in its annual economic and social survey of the region.

"Asian and Pacific countries therefore need to find new sources of domestic and regional demand ... to help sustain their dynamism and allow for a gradual unwinding of global imbalances."

The UN praised efforts by China and for their "significant initiatives" to promote green technology as well as shift domestic consumption and production patterns to a more "environmentally sustainable path".

Government-backed investment in "energy and material-saving innovations" could see "greener" industries and businesses become drivers of growth as well as provide more affordable products for the poor, the report said.

But it was essential developed countries share their green expertise with poorer nations who cannot afford the technology, Aynul Hasan, head of macroeconomic policy and development, told a news conference.

"That technology should be shared," Hasan told reporters.

"This is where regional cooperation as well as the support of developed countries will be very, very important."

China invested 34.6 billion dollars in in 2009, up more than 50 percent on the previous year -- making it the world's biggest investor in energy-efficient technology, it said.

South Korea plans to inject 84 billion dollars in environmentally friendly industries over the next five years, the report said.

"China is playing an important role ... in terms of promoting dealing with the environmental issues," said Hasan.

While China was expected to continue leading the Asian recovery from the financial crisis, much depended on Japan, the world's number two economy, where domestic demand and business investment remained weak, the UN said.

Another major threat to the recovery was growing inflationary pressures and asset price bubbles as "excessive liquidity from developed economies finds its way to emerging economies in Asia", Hasan warned.

"It's a major challenge for these countries to control inflation without hurting the growth momentum," he said.

The UN also called on regional leaders to strengthen their social safety nets and give more people access to basic financial services to generate jobs, fuel domestic spending and ensure sustained economic growth.

"Robust evidence ... shows that poor households with access to financial services can improve their economic well-being," the report said.

Explore further: Going nuts? Turkey looks to pistachios to heat new eco-city

add to favorites email to friend print save as pdf

Related Stories

Three billion Asians face food crisis threat: research

Oct 28, 2008

(PhysOrg.com) -- The escalating cost of rice and other foodstuffs across Asia could cause the reversal of policy reforms, social unrest and deepening poverty for over 3 billion Asians – according to new ...

Recommended for you

Obama launches measures to support solar energy in US

Apr 17, 2014

The White House Thursday announced a series of measures aimed at increasing solar energy production in the United States, particularly by encouraging the installation of solar panels in public spaces.

Tailored approach key to cookstove uptake

Apr 17, 2014

Worldwide, programs aiming to give safe, efficient cooking stoves to people in developing countries haven't had complete success—and local research has looked into why.

User comments : 0

More news stories

Ex-Apple chief plans mobile phone for India

Former Apple chief executive John Sculley, whose marketing skills helped bring the personal computer to desktops worldwide, says he plans to launch a mobile phone in India to exploit its still largely untapped ...

A homemade solar lamp for developing countries

(Phys.org) —The solar lamp developed by the start-up LEDsafari is a more effective, safer, and less expensive form of illumination than the traditional oil lamp currently used by more than one billion people ...

UAE reports 12 new cases of MERS

Health authorities in the United Arab Emirates have announced 12 new cases of infection by the MERS coronavirus, but insisted the patients would be cured within two weeks.

NASA's space station Robonaut finally getting legs

Robonaut, the first out-of-this-world humanoid, is finally getting its space legs. For three years, Robonaut has had to manage from the waist up. This new pair of legs means the experimental robot—now stuck ...