‘Navigating the Green Horizon: Unveiling the Dynamics of Global Sustainability’, a policy whitepaper offering insights into key trends in global sustainability and containing a series of trade innovations for global trade ministers to consider, was launched by Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, during Trade Day at COP28, the first ever day dedicated to trade at a Conference of the Parties.
With the climate crisis pushing sustainability to the forefront of global priorities, the report aims to place global trade in the context of this economic transformation, examining how changes in consumer behaviour, the shift in investment strategies and the development of new policy frameworks are impacting value chains.
Underlining that the ‘future of trade is intertwined with sustainability’, the whitepaper summarises key trends in environmental responsibility and their drivers, provides an overview into how countries are greening trade, and highlights several innovations for consideration by m
inisters at the WTO’s 13th Ministerial Conference (MC13) taking place in Abu Dhabi on 26th-29th February 2024.
The report is a showcase for best practice among countries and explores ideas that will help make trade more sustainable, including facilitating the creation of international standards for sustainable trade practices and advocating for the integration of sustainability criteria in national trade policies.
Announcing the launch of the whitepaper, Dr Thani Al Zeyoudi remarked: ‘The report underlines how countries can achieve real impact and move the needle when it comes to positively shaping trade’s contribution to tackling climate change. I think ministers will find the innovations within the report a source of inspiration as they consider future policy and ways to deliver strong, tangible outcomes alongside the private sector.’
The paper was published during Trade Day’s opening session, ‘Global leaders unite to promote a roadmap of trade policy options for a just and ambitious global response to c
limate change’, which was addressed by Ngozi Okonjo-Iweala, Director-General of the WTO, Rebecca Grynspan, Secretary General, UNCTAD, Sultan Ahmed Bin Sulayem, CEO, DP World, and John W. Denton AO, Secretary General, International Chamber of Commerce.
The first official Trade Day at COP28 has brought the trade wider trade community together and marks a significant milestone on the road to MC13 – taking place in February in Abu Dhabi next year. The WTO’s 13th Ministerial Conference is set to gather representatives of 164 nations and trading blocs in what is regarded as one of the most pivotal meetings of the WTO as it seeks to overcome the growing challenges of supply-chain disruption, protectionism and climate change.
Source: Emirates News Agency