Thursday, June 20, 2024

First time.. Day Trading at COP 28.. What are we waiting for?

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The United Nations Climate Conference COP28 is, for the first time, dedicating a day to trade with the aim of discussing its contribution to global carbon emissions, and how to improve trade’s role in the transition to clean energy.

Trade Day will be held on December 4 during the COP28 conference hosted by the UAE from November 30 to December 12 at Expo City Dubai.

The United Nations Conference on Trade and Development (UNCTAD) collaborates with the United Arab Emirates, the World Trade Organization and other global organizations such as the World Economic Forum and the International Trade Council to shape today’s debates.

What is the role of trade in the transition to clean energy?

According to UNCTAD, trade plays an important role in affecting climate change, as global production and distribution of goods and services contributes to nearly a quarter of total global carbon emissions.

The Intergovernmental Panel on Climate Change, made up of the world’s leading climate scientists, has warned that global net-zero carbon emissions must be achieved by 2050 to keep global warming below 1.5 degrees Celsius.

A 2022 World Trade Organization report found that trade and value chains were key factors in the decline in the cost of solar and wind power generation, making renewable energy now cheaper than fossil alternatives in some places, and leading to increased consumption.

Trade can help accelerate the low-carbon transition by eliminating tariffs and reducing non-tariff measures on a subset of energy-related environmental goods, the report says.

The World Trade Organization expects this to increase exports of green goods by five percent by 2030, while increases in energy efficiency and renewable energy will reduce global emissions by 0.6 percentage points.

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Trade in eco-friendly goods and services

According to UNCTAD data, trade in environmentally friendly goods and services is expected to grow by about 4 percent in the second half of 2022 to reach a record $1.9 trillion.

Goods such as electric cars and non-plastic packaging also increased by 20 percent, while trade for wind turbines rose by around ten percent.

Trade can give more countries access to less polluting goods and services, something COP28 aims to put on the table for discussion this year.

However, trade policies for green transition may have negative impacts on developing countries that are less able to respond to changes. Therefore, COP28 discusses how to strengthen the role of trade in achieving climate goals without harming developing countries.

Bill Dittman
Bill Dittman
"Freelance alcohol fan. Coffee maven. Musicaholic. Food junkie. Extreme web expert. Communicator."

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