Every day, the climate crisis is only getting worse. Human actions are threatening the extinction of plants and animals, putting food security and livelihoods at risk. So what steps can both the World Trade Organization (WTO) and governments around the world take to address these concerns? Here are some ideas to get started:
Bring an End to the Fisheries Subsidies Negotiations
To begin, governments should sign a deal to end all harmful fisheries subsidies. While a third of the global fish stocks are over-exploited, around $22 billion in public spending annually supports overfishing. Such actions can have devastating effects on marine ecosystems. Trade policymakers must thus demonstrate that they can work together to protect the oceans while promoting sustainability.
Report, Reduce, and Eradicate Fossil Fuel Subsidies
Governments should also participate in WTO discussions to get rid of ineffective fossil fuel subsidies. Since G20 governments are already devoted to restricting and phasing out such subsidies that promote wasteful consumption, a WTO initiative would likely boost the transparency and reporting of such grants.
Promote Environmental Services and Goods Trade While Developing Circular Economies
High tariffs on clean-energy products add costs to sustainable development while services trade restrictions boost project costs in environmental regions. To solve these issues, governments should get rid of costs on sustainable products, especially ones related to:
● Energy efficiency
● Renewable energy
● Recycling of materials
● Plastic waste disposal
● Air pollution control
While governments can achieve this independently, willing countries can also participate to pick up negotiations in this sector that stalled back in 2016. Governments must also make progress in environmental services to prevent ambiguity on the scope of obligations and work with industry experts to enforce solutions that promote circular economy practices.
Promote Alignment of Climate Change Goals and Trade Rules
Lastly, the WTO must also make sure that there is alignment between climate change goals and trade rules. Border carbon adjustments and carbon pricing systems must follow international trade regulations, and heavy administrative burdens on small and medium-sized enterprises (SMEs) should be prevented as well.
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