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EMISSIONS: WTO Eyes Global Carbon Pricing

EMISSIONS
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The WTO is planning to introduce a global carbon pricing system in order to avoid trade disputes over environmental measures, WTO head Ngozi Okonjo-Iweala said, cited by the FT. 

  • The WTO is working together with the IMF, OECD and UN to introduce an international carbon pricing system in a response to Europe’s CBAM.
  • The global system would need safeguards against carbon arbitrage, Okonjo-Iweala added.
  • India has already said it may complain with the WTO about the CBAM. Other countries are expected to follow as CBAM may price goods out of EU markets.
  • “Developing countries see it, rightly or wrongly, as a protectionist mechanism. They have contributed very little to emissions. Africa is 3% of [current] global emissions”, Okonjo-Iweala said.
  • While the WTO said the EU is right to tackle climate change, CBAM may disrupt efficient trade routes that could cost economic growth. 
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The WTO is planning to introduce a global carbon pricing system in order to avoid trade disputes over environmental measures, WTO head Ngozi Okonjo-Iweala said, cited by the FT. 

  • The WTO is working together with the IMF, OECD and UN to introduce an international carbon pricing system in a response to Europe’s CBAM.
  • The global system would need safeguards against carbon arbitrage, Okonjo-Iweala added.
  • India has already said it may complain with the WTO about the CBAM. Other countries are expected to follow as CBAM may price goods out of EU markets.
  • “Developing countries see it, rightly or wrongly, as a protectionist mechanism. They have contributed very little to emissions. Africa is 3% of [current] global emissions”, Okonjo-Iweala said.
  • While the WTO said the EU is right to tackle climate change, CBAM may disrupt efficient trade routes that could cost economic growth.