CBiBank Research Department: Navigating Economic Opportunities in a Decarbonized World

By Kevin Keino
This is important to remember as developing countries rush to seize a share of the economic opportunities created by the global effort to decarbonize electricity grids and transport, and the huge investments required for the manufacture of new technology goods — electric cars, batteries, and the like — that facilitate decarbonization.
Respect for markets and the importance of integration with the global economy underpinned the ascent of Northeast Asia’s ‘miracle’ economies to high-income status in the decades after the Second World War. Despite myriad differences in their strategies, fundamentally, ‘[t]he rapid trade growth enjoyed by these economies was supply-driven, built on the expansion of market share in old, established industries, not expansion of trade in new, high-growth sectors of the global economy’.