The launch of “Action on Climate and Trade” has been announced by the World Trade Organisation, the World Bank Group, and the World Economic Forum.
The goal of the effort, according to a statement from the WTO, is to support developing economies—particularly the least developed—in using trade as a tool to meet their climate change adaptation and mitigation goals.
In order to help participating developing economies prepare for the effects of climate change on trade, take advantage of opportunities for climate action and trade growth, and identify areas for engagement with trading partners, ACT will offer them customized insights.
“Analysis will be adapted to each economy’s specific situation and will explore how trade policy can support the achievement of National Adaptation Plans and Nationally Determined Contributions under the Paris Agreement on climate change,” it noted.
It further stated that domestic stakeholders will be involved in ACT’s policy analysis through public-private dialogues, providing participating economies with an opportunity to explore specific ways in which trade can be leveraged to enhance climate change mitigation and adaptation efforts.
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According to the global trade agency, ACT will help policymakers and stakeholders in developing economies engage in international processes where appropriate, such as the WTO’s Committee on Trade and Environment, and the WTO’s Trade and Environmental Sustainability Structured Discussions.
The Trade and Environment Division Director, WTO, Aik Lim, said, “The climate crisis was calling for rapid and effective collective action using every tool in the toolbox. Trade policy offers WTO members, including developing members, a wide variety of options to enhance their climate change adaptation and mitigation strategies.
Also speaking, the Global Director for Trade, Investment, and Competitiveness of the World Bank Group, Mona Haddad, said, “By prioritizing sustainable practices and harnessing the power of international trade, developing countries can not only mitigate the impacts of climate change but also create new economic opportunities and build a better future for their citizens.”
On his part, the Head, of International Trade and Investment, World Economic Forum, Sean Doherty, explained that urgent action was needed to meet climate goals.
Story adapted from Punch
