Day trading for the first time at COP 28

Arabia Weather - According to the United Nations Trade and Development Organization (UNCTAD) report, trade plays a pivotal role in influencing climate change, as the global production and distribution of goods and services contribute significantly to the production of nearly a quarter of total global carbon emissions, and the Intergovernmental Panel on Climate Change warned Climate, which includes the world's leading climate scientists, believes that keeping global temperatures below 1.5 degrees Celsius will require achieving net-zero carbon emissions worldwide by 2050 .

The 2022 World Trade Organization report explained that trade and value chains were key factors in reducing the cost of solar and wind energy generation, which made renewable energy now cheaper than fossil alternatives in some regions, and its consumption increased, as trade can contribute to accelerating the transition to energy. Low carbon through eliminating tariffs and reducing non-tariff measures on a specific set of energy-related environmental goods, according to the report.

The World Trade Organization expects this to boost exports of green goods by five percent by 2030, and potential increases in energy efficiency and uptake of renewable energy are expected to reduce global emissions by 0.6 percentage points.

In conjunction with COP28, green trade is booming

According to data from the United Nations Trade and Development Organization (UNCTAD) , trade in environmentally friendly goods and services increased by nearly 4 percent in the second half of 2022 , reaching a record level of $1.9 trillion .

Goods categories such as electric vehicles and non-plastic packaging saw an increase of up to 20 percent , with trade for wind turbines rising by an estimated 10 percent .

This development indicates that trade can contribute to providing more countries with access to goods and services that have a lower impact on the environment. This topic is part of the agenda of the COP28 conference , where it is being discussed to determine how trade can support the achievement of climate conservation goals without negatively affecting climate change. Developing countries face greater challenges in adapting to climate change.

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Sources:

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