On its fifth day, COP28 emphasised the pivotal role of trade in addressing climate change, dedicating a day to trade for the first time at a Conference of the Parties. This move underscores the principle of inclusivity, ensuring no sector is left behind.
The COP28 Trade Day event spotlighted the role of trade in goods and services and how trade policy can bolster and accelerate the clean energy transition.
Recent years have witnessed a significant shift in modern concepts of global trade, with sustainable trade gaining increasing importance amid growing awareness of environmental conservation and climate change mitigation.
Sustainable trade refers to commerce that considers environmental and social standards. In this context, trade operates within an environment that minimises negative impacts on both the environment and society, while promoting development.
Trade can play a crucial role in reducing carbon emissions, preserving natural resources, and fostering economic and social development, particularl
y in developing nations.
The World Trade Organisation (WTO) is taking a leading role in “Trade Day” alongside the United Arab Emirates, in collaboration with the United Nations Conference on Trade and Development (UNCTAD), the International Chambers of Commerce (ICC), and the World Economic Forum (WEF).
On Trade Day, discussions focused on mechanisms to enhance a policy roadmap for fair and ambitious responses to climate change through trade.
In her speech on Trade Day, Ngozi Okonjo-Iweala, Director-General of the WTO, said, “We need every weapon to fight the climate crisis, and trade is about people. It is a tool to improve their lives and livelihoods.”
She also emphasised that trade can contribute to achieving greater emission reductions.
In another event during Trade Day, titled “Sustainable Trade Africa” speakers discussed several crucial issues and opportunities with major sectors such as Agriculture; Finance Investments; Logistics and Green Transport and Clean Energy. They also affirmed that trade
plays a vital role in the global efforts to reduce carbon emissions and promote sustainable development worldwide.
In his speech, Thani Ahmed Al Zeyoudi, Minister of State for Foreign Trade, stated that this is the first time that trade has been incorporated into the official programme at a Conference of the Parties.
He emphasised that Africa increasingly plays a pivotal role in trade and sustainability across various fields, including renewable energy, from hydropower to hydrogen.
Source: Emirates News Agency