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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 South Korea 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 clean energy 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 green technology 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.

There are 239 billion green opportunities in China. That is, China is planning on spending Y2 trillion ($239 million) to ensure that renewable energy will account for 15% of the nation’s power by the year 2020. China is the world’s second largest energy user. A country one fourth the size uses more.

Presently, less than 10% of China’s power comes from renewable energy. The government has earmarked Y1.4 trillion from 2006-2010. The U.S. says the clean technology market in China will be about $186 billion in 2010 and grow to $555 billion by 2020. Okay, I lost track of how much money can be made.

Looking for a good business opportunity? Help China become greener. They’ll pay out the gazoo for any good idea you can come up with. The best ideas – clean coal and carbon capture technologies says one expert.

Do you have a green idea?