South-South Trade is Fastest-Growing Segment in Global Renewables Market

South-South trade is the “most dynamic segment” of the growing global market for environmental goods and services, according to a recent report by the U.N. Environment Programme (UNEP). “Overall, trade between developing countries in those products grew 29.4% faster than the global market. One big driver of this growth was wind power: developing countries added 20.7 gigawatts of new capacity in 2013, an increase of roughly 14% over the previous year,” Wakefield reports. “But beyond specific markets like wind, the overall decline in the cost of producing renewable energy added buoyancy to South-South trade. As the cost of producing renewable power approaches that of fossil fuels, investments are increasing.”