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WTO Urges the Lifting of Tariffs on Environmental Goods

With the aim of combating climate change, the World Trade Organization ensures that the elimination of trade barriers to environmental products would increase exports by 5% and reduce global emissions by 0.6%. The entity also ensures that the fight against climate change can put an end to the commercial advantages that some countries have over others.

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WTO seeks to reduce the climate impact. The World Trade Organization (WTO) has recommended that countries abolish tariffs on environmental goods and services to combat the impact of climate change, the organization’s director general, Ngozi Okonjo-Iweala, has said,

According to the organization’s estimates, eliminating tariffs and reducing trade barriers for a range of environment-related items in the energy sector could boost exports by 5% by 2030, while leading to a 0.6% drop in global emissions.

The report, presented at the COP27 summit in Egypt, says that the fight against the climate crisis should not be pitted against international trade, but can contribute to the diffusion of green innovations and technologies to accelerate the transition to a low-emission global economy.

If you want to read more about the COP27 Summit taking place in Egypt and the WTO recommendations, download for free our companion app. The Born2Invest mobile application is bringing the most important business news from trusted sources to a single screen so you can stay on top of the market. The application is aggregating the most important and breaking news from relevant websites, the list is always revised and updated with new resources. 

The WTO says that international trade should not be pitted against the fight against the climate crisis

The entity also assures that the fight against climate change can put an end to the commercial advantages that some countries have over others, particularly in sectors such as tourism or agriculture.

“International cooperation is vital at this time, and if the desired consensus on trade climate policies is not reached, the goal of keeping global warming below two degrees Celsius will not be achieved,” added the Geneva-based organization.

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“The WTO must seize the current moment to strengthen its role as a coordinator between trade and climate change, to address legislative obstacles, to implement the use of low-carbon technologies and to support structural changes that decarbonize the global economy,” the body has concluded.

The fight against climate change may put an end to the trade advantages of some countries

In October, the WTO assured that goods traffic would lose momentum in the second half of 2022 and maintain a low pace in 2023, which will mean a “sharp slowdown” in trade next year.

Specifically, WTO economists estimate that world trade volumes will grow by 3.5% in 2022, up from the 3% forecast in April. For 2023, however, they forecast a 1% increase, trimming the forecast made in the spring that advanced 3.4%.

According to the new WTO forecast, world Gross Domestic Product (GDP) at market prices will grow by 2.8% in 2022 and 2.3% in 2023, which is one percentage point less than the forecast in April.

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(Featured image by 12019 via Pixabay)

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First published in PlantaDocea third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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J. Frank Sigerson is a business and financial journalist primarily covering crypto, cannabis, crowdfunding, technology, and marketing. He also writes about the movers and shakers in the stock market, especially in biotech, healthcare, mining, and blockchain. In the past, he has shared his thoughts on IT and design, social media, pop culture, food and wine, TV, film, and music. His works have been published in Investing.com, Equities.com, Seeking Alpha, Mogul, Small Cap Network, CNN, Technology.org, among others.