New ISO ESG Implementation Principles provide int’l guidance to streamline ESG practices
New ESG Implementation Principles launched the International Organization for Standardization (ISO) at the 29th United Nations ...
UNCTAD official: Trade part of solution to both climate change, SDGs
Chantal Line Carpentier, head of UNCTAD’s trade, environment, climate change and sustainable development branch, asserted that “Trade is part of the solution to both climate change and the Sustainable Development Goals.”
“But we need to make trade work for us,” she added.
This came on the back of a study released by UNCTAD on Trade Day of the 28th United Nations Climate Change Conference (COP28) that mapped out how trade is systematically used in these national climate plans.
The study underlined the importance of bolstering international cooperation to ensure that technical and other trade regulations don’t unnecessarily restrict developing countries’ market access, especially to low-carbon technologies.
An UNCTAD study released at COP28 examines how 60 developing countries have integrated trade into their national pledges under the Paris Agreement, known as Nationally Determined Contributions (NDCs).
The study identified 680 trade-related measures within the examined NDCs.
In general, the study shows that most of them focus on increasing renewable energy, enhancing energy efficiency and promoting green value chains.
As for Renewable energy and energy efficiency, the study highlighted the most common measures, adopted by over 50 countries in the study. They often lead to increased imports of renewable energy equipment like solar panels and wind turbines.
Concerning green value chain development, the study said working on reducing greenhouse gas emissions and enhancing sustainability in value chains account for 31% of all measures in Africa, 35% in Asia and 38% in Latin America and the Caribbean.
As for technical regulations including minimum energy performance standards and labeling requirements, these are the most frequently used measures to ensure, for example, that imported products meet specific carbon emission and efficiency standards. UNCTAD has identified over 2,360 climate change-related non-tariff measures (NTMs) regulating 26.4% of world trade, equivalent to $6.5 trillion.
Regarding Green industrial development, these measures aim to develop low-carbon green value chains and economic diversification. About 20% overlap with green value chain development efforts.
As for market-based measures, these include carbon credit schemes and subsidies, and more than half identified in the study are related to REDD+ (Reducing emissions from deforestation and forest degradation). Measures linked to REDD+ were identified in 53% of NDCs from Latin American and Caribbean countries and 35% from African nations.
Concerning other trade-related measures, these include references to subsidies, tax credits, public procurement and tariffs (35 measures). They focus mainly on incentivizing eco-friendly practices like electrical mobility and energy efficiency.
While many trade-related measures are present in the NDCs, trade is rarely explicitly cited as a policy tool for carbon reduction targets. This suggests limited involvement of trade ministries in NDC preparation.
The study therefore calls for improved coordination and greater involvement of trade stakeholders and ministries in the NDC elaboration and validation processes.
“The mapping exercise shows trade policies’ untapped potential in climate action,” said Miho Shirotori, head of UNCTAD’s international trade division.
“Trade could play a much bigger role in cutting emissions and preserving resources by facilitating access to low-carbon technologies and environmentally preferable goods and services.”
اترك تعليقا