Technology and Innovation Report 2023

The United Nations Conference on Trade and Development (UNCTAD) has warned that green technologies, such as artificial intelligence, Internet of Things, and electric vehicles, may deepen global economic inequality. According to the Technology and Innovation Report 2023 published on March 16, 2023, developed countries benefit the most from these technologies, while developing countries may miss out on economic opportunities if decisive actions are not taken.

UNCTAD estimated that green technologies could create a market worth $9.5 trillion by 2030, up from $1.5 trillion in 2020. These technologies can be used to produce goods and deliver services with smaller carbon footprints. The market value of green frontier technologies, such as electric vehicles, solar and wind energy, and green hydrogen, is expected to reach $2.1 trillion in 2030, four times greater than their value today. The market revenues for electric vehicles could rise five times, reaching $824 billion by 2030, from today’s value of $163 billion.

This index ranks 166 countries based on information and communication technology (ICT) skills, research and development, industrial capacity, and finance indicators. High-income economies such as the United States, Sweden, Singapore, Switzerland, and the Netherlands are currently leading the index. Several economies in Asia, such as India, the Philippines, and Vietnam, have made important policy changes that have enabled them to perform better than expected, according to their gross domestic product per capita. India remains the greatest performer, ranking 67 positions better than expected, followed by the Philippines (54 positions better) and Vietnam (44 positions better). In contrast, countries in Latin America, the Caribbean, and sub-Saharan Africa are the least ready to harness frontier technologies and are at risk of missing current technological opportunities.