Reacting to the World Trade Organisation’s (WTO) World Trade Report 2022 released at COP27, William Bain, Head of Trade Policy, said:
“World leaders will do well to pay attention to this report. The WTO’s call to action is clear – trade in environmental goods and services to mitigate climate change is good for jobs, productivity and investment.
“It is so important that we seize this moment now; any failure to raise levels of green trade will otherwise damage supply chains, lead to production shortages, and weaken infrastructure in the future.
“We need to see a step change in the political response. The report finds green trade has multiplier effects in achieving the transition to low carbon technologies across the world. Reducing tariff and non-tariff barriers now, could increase green exports by 5% by the end of the decade and cut global emissions too.
“Business is ready to meet this challenge – but we also need global leaders and trade ministers to step up and provide the trade opportunities that allow us to develop growth and lower carbon emissions hand-in-hand.”
An executive summary of the WTO World Trade Report 2022 can be found here.