The World Trade Organisation, the World Bank Group and the World Economic Forum have announced the launch of “Action on Climate and Trade”. In a statement, WTO said that the initiative’s objective was to help developing economies, particularly the least-developed countries, utilise trade as a tool to attain their climate change mitigation and adaptation targets. Trade policy offers WTO members, including developing members, a wide variety of options to enhance their climate change adaptation and mitigation strategies. Developing economies must be empowered to identify new opportunities and shape a future net-zero global economy. “WTO’s World Trade Report 2022, global cooperation on international trade and related investment needs to be mobilised to enhance the mitigation of and adaptation to climate change, support a just low-carbon transition, and minimise trade frictions,” he said.

Source: Punch April 26, 2023 13:53 UTC