The United Nations Conference on Trade and Development (UNCTAD), the World Trade Organization (WTO), the International Chamber of Commerce (ICC), and the International Trade Centre (ITC) are the top trade organizations in the world and will host the “Trade House pavilion” at the 28th UN Climate Change Conference (COP28) in Dubai. This will be the first UN climate summit that experts and policymakers from trade and climate change will come together for.
In its 28th iteration, the United Nations Climate Change Conference (COP28) is slated to convene in Expo City, Dubai, between November 30 and December 12.
For the first time, trade has been identified as a separate topic at the UN conference, given that trade-related emissions make up more than 25% of all carbon dioxide emissions. Regulations relating to climate change, such as those governing industry, carbon pricing, and border adjustments, are significantly affecting trade and investment, which may have an adverse effect on development.
“We want to demonstrate that trade is part of the solution to the climate crisis… We will bring to the table a menu of trade policy actions that could help countries reach net zero,” said Ngozi Okonjo-Iweala, director-general of WTO.
“Climate and trade policies need to work together. As the world is coping with the devastating effects of global warming, it’s time for trade to play its role in shaping climate action that fosters inclusive and sustainable development,” said Rebeca Grynspan, secretary general of UNCTAD.
The pavilion will host expert panel discussions on a variety of topics, such as guaranteeing a fair transition to energy from a development perspective, trade-related steps that will speed the implementation of nationally defined contributions, and South-South trade in ecologically preferable goods and services.
The experts will also discuss how the just transition may be aided by the blue economy, sustainable finance, and plastic substitutes.
According to Pamela Coke-Hamilton, executive director of the International Trade Center, a low-carbon transition must be fair and inclusive, with small businesses leading the way—especially those owned by women, young people, indigenous peoples, and other marginalized groups.
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