African Climate Wire’s Post

Should trade and climate change be discussed within the World Trade Organization? With measures such as the European Union's Carbon Border Adjustment Mechanism affecting cross-border trade, countries hoped that trade and climate measures would be included at the 13th Ministerial Conference in Abu Dhabi. However, the conference ended with no resolution to the trade-climate question. Read our analysis of the conference below. #trade #climatefinance #WTO https://lnkd.in/g33mH5AB

Developing countries (including African negotiators) want the World Trade Organization to lead the charge when it comes to cross-border trade and climate measures. Hopes that the issue would be discussed at the WTO's 13th Ministerial Conference were halted by a veto from India, who maintain that measures such as the European Union's Carbon Border Adjustment Mechanism don't fall under WTO's jurisdiction. However, the conference still scored some successes, including a plan to phase out fossil fuel subsidies. #WTO #climatechange #trade #fossilfuel #tax https://lnkd.in/g33mH5AB

Carbon Border Adjustment Mechanism (CBAM): A Global Solution to Climate Change? Or Global Challenge to World Trade? Today, Climate change is a pressing global issue demanding innovative solutions. While the European Union has taken significant strides in raising its climate ambitions, the risk of carbon leakage persists. As the EU tightens regulations on carbon emissions, there's a risk that companies will relocate their carbon-intensive operations to regions with less stringent environmental standards. This shift can undermine the EU's efforts to reduce its overall carbon footprint and potentially increase global emissions. Additionally, carbon leakage can lead to unfair competition for EU businesses, as they face higher production costs due to stricter regulations. The EU's Carbon Border Adjustment Mechanism (CBAM) is a crucial tool for ensuring fair competition and promoting climate action. By imposing a carbon price on imported goods, the CBAM ensures that foreign producers face similar costs to EU-based businesses, preventing a competitive disadvantage for domestic industries. This encourages cleaner production practices worldwide and safeguards the EU's climate goals. The CBAM's compatibility with WTO rules demonstrates its commitment to a fair and balanced global trading system. The gradual implementation, aligned with the phase-out of free allowances, provides a smooth transition for both EU and international producers. Despite supporting the EU's ambitious climate goals, companies are grappling with significant challenges during the CBAM's initial reporting phase. Issues range from technical difficulties with the reporting platform to the complexity of data collection and calculation. The high administrative burden, especially for smaller businesses, and concerns about data protection and confidentiality further aggravate these challenges. These hurdles risk creating unnecessary barriers to global trade, undermining cooperative climate action, and potentially fostering trade tensions. What are your thoughts on the CBAM? Do you believe it's a necessary step towards a more sustainable future, or are there potential drawbacks that need to be addressed? How can we balance its benefits with its challenges to ensure a just and effective global transition to a low-carbon economy? #CBAM #ClimateChange #Sustainability #GlobalTrade #EU

"The merit of WTO outcomes on sustainable trade should be assessed not against ideal world scenarios and dated hopes for binding multilateral agreements ready for national implementation, but against more realistic benchmarks." A way forward: "A realistic yet ambitious benchmark for success on sustainable trade issues could be defined as a revitalization of the WTO’s Committee on Trade and Environment in the nearer term, as well as convergence on non-binding instruments, best practice principles, and codes of conduct to guide and coordinate national policy approaches." A great piece on all trade & climate after the #MC13 by David Kleimann, Jodie Keane and Michai Robertson for Forum on Trade, Environment & the SDGs (TESS). https://lnkd.in/egTXzgQd

The European Union is working to connect and strengthen carbon markets around the world as the Carbon Border Adjustment Agreement (CBAM) takes effect. The EU will increase diplomatic efforts to help countries launch carbon markets in the hope of fostering international trade of CO2 emissions. #carbonmarkets #climatefinance #sustainability #cbam

THE RETENTION REPORT, Vietnam-Sweden Trade Overview, Mats L Key findings: - EU-Vietnam Free Trade Agreement (EVFTA) - eliminate almost 99 percent of customs duties - Vietnam and Sweden have become important trading partners The EVFTA has changed the face of trade between Vietnam and the European Union. In this article, the Vietnam Briefing considers the specifics of what this has meant for trade between EU member Sweden and Vietnam. Last year, on the sidelines of the 28th UN Climate Change Conference (COP28) in the United Arab Emirates, Vietnamese Prime Minister Pham Minh Chinh met with the Prime Minister of Sweden Ulf Kristersson. This was just one more in a long list of high-level meetings between Vietnam’s leadership and that of a European Union member state.  Indeed, interest in Vietnam from the EU has grown rapidly since the EU-Vietnam Free Trade Agreement (EVFTA) came into action in 2020. This interest has denoted a rise in trade between the bloc and Vietnam that looks set to grow even more moving forward. In this light, in this article, we look in detail at exactly what it has meant for trade between Sweden and Vietnam. https://lnkd.in/dE2DQm4G

THE RETENTION REPORT, Vietnam-Sweden Trade Overview, The Retention Team Key findings: - EU-Vietnam Free Trade Agreement (EVFTA) - eliminate almost 99 percent of customs duties - Vietnam and Sweden have become important trading partners The EVFTA has changed the face of trade between Vietnam and the European Union. In this article, the Vietnam Briefing considers the specifics of what this has meant for trade between EU member Sweden and Vietnam. Last year, on the sidelines of the 28th UN Climate Change Conference (COP28) in the United Arab Emirates, Vietnamese Prime Minister Pham Minh Chinh met with the Prime Minister of Sweden Ulf Kristersson. This was just one more in a long list of high-level meetings between Vietnam’s leadership and that of a European Union member state.  Indeed, interest in Vietnam from the EU has grown rapidly since the EU-Vietnam Free Trade Agreement (EVFTA) came into action in 2020. This interest has denoted a rise in trade between the bloc and Vietnam that looks set to grow even more moving forward. In this light, in this article, we look in detail at exactly what it has meant for trade between Sweden and Vietnam. https://lnkd.in/d_S-5rrv

Yes it's that time of week folks; it's TGI Friday (Trading Great Information 😉 ) again! Each Friday we look at the definition of an International Trade abbreviation and its meaning! With the environment featuring heavily this week with reports of record global temperatures; CBAM - Carbon Border Adjustment Mechanism The EU’s Carbon Border Adjustment Mechanism (CBAM) is the EU's tool to put a fair price on the carbon emitted during the production of carbon intensive goods that are entering the EU, and to encourage cleaner industrial production in non-EU countries. The gradual introduction of the CBAM is aligned with the phase-out of the allocation of free allowances under the EU Emissions Trading System (ETS) to support the decarbonisation of EU industry. https://lnkd.in/esp5UM2b

🥁 Drumroll please…. A new Sustainable Narrative is out now on our website! This blog explores the European Union’s Carbon Border Adjustment Mechanism, commonly known as CBAM and it’s effects for the EU and beyond. The project aims at imposing a carbon tariff to encourage greener industrial practices. 🌟Follow the link to learn more about this unique initiative - https://lnkd.in/gtZv9ueq #environmentalsustainability #carbonoffsets #climategoals #sustainiam #carbonmanagement #emissionsreduction European Commission

🌍💡 Exciting Development in Climate Action! EU to Foster Global Carbon Markets 🌍💡 In a significant move towards combating climate change, the European Union is ramping up efforts to extend carbon markets beyond its borders. Blockchain technology emerges as a pivotal solution in this endeavor. By leveraging blockchain, we can ensure transparency, traceability, and efficiency in carbon trading, crucial for building trust and fostering global liquidity. 🌱✨ #ClimateAction #Blockchain #CarbonMarkets #Sustainability #EU #Innovation #GlobalCollaboration #CarbonTrading #BlockchainTechnology #EnvironmentalImpact #GreenFuture