Renewable energy (RE) trade among developing countries is growing faster than global and North-South RE trade as developing countries, led by China, take advantage of decreasing manufacturing costs, increased investment, and the falling costs of renewables, says a new report released during the first United Nations Environment Assembly.

The Green Economy report, “South-South Trade in Renewable Energy: A Trade Flow Analysis of Selected Environmental Goods,” produced by UNEP, identifies key growth markets for the trade in environmental goods and services (EGS). The report focuses on the RE sector and maps the flow of trade of RE goods among developing countries. It also outlines how countries can accelerate more inclusive growth in South-South RE trade.

"The EGS market - which is expected to grow to around $US1.9 trillion by 2020 - offers developing countries an unprecedented opportunity to drive the green economy transition," said UN Under-Secretary General and UNEP Executive Director Achim Steiner.

The report calls for increased South-South trade cooperation - with a focus on more low-cost environmental goods, establishing favourable trade policies and agreements, and developing a skilled energy labour force - to increase significantly South-South trade in EGS, and accelerate the green economy transition.

The report issues key findings across the board, looking at the role renewables can play in the transition to a green economy, trends in trade, and the domination of solar power.

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