Agreement On Climate Change Trade And Sustainability (Accts)



-December 2, 2020-

Agreement On Climate Change Trade And Sustainability (Accts)

Mike Burroughs

CO2 emissions from the use of fossil fuels are one of the main causes of climate change and threaten catastrophic and irreparable damage to the environment and human civilization. To mitigate the effects of climate change, global fossil fuel consumption is needed, but many governments maintain subsidy programs to help fossil fuel producers and consumers. Although international institutions such as the OECD, the G20 and the UN have recognized the importance of reforming these subsidy programmes, little progress has been made. If environmental goods are the equipment to fight climate change, environmental services are the software that ensures that they work as intended. Environmental services include companies that monitor the water supply in cities to help them identify costly leaks or those installing solar and wind projects. Barriers to international trade in services will generally be in the form of barriers to foreign investment or barriers to rapid market entry. The inclusion of environmental services in the ACCTS is a remarkable innovation that recognizes the importance of maintaining synergy between environmental goods and environmental services during the trade liberalization process. Hive Press Release - Leading Trade Agreement in New Zealand, which encourages action on climate change and the environment (external link) Under the ACCTS project, the countries concerned would remove barriers to trade in environmental goods and services, remove their fossil fuel subsidies and encourage the promotion and use of voluntary eco-label programs and mechanisms. Countries see ACCTS as a "living agreement" that can be updated and, if necessary, answer additional questions.

The parties will examine a number of trade-related issues that have the potential to make a meaningful contribution to the fight against climate change and other serious environmental issues. The following key areas are discussed: the content of the agreement has yet to be defined, but there are plans to at least remove barriers to trade in environmental goods and services, remove fossil fuel subsidies and develop guidelines for voluntary eco-label programmes. This broad scope is taking new paths in several respects. First, although the 21 members of the Asia-Pacific Economic Cooperation (APEC) Forum, which includes New Zealand, agreed on a list of environmental products as early as 2011, the extension of negotiations to environmental services will continue to support the dissemination and use of climate-friendly technologies. Second, the introduction of binding rules for the removal of environmentally harmful fossil fuel subsidies would be a major step forward from the existing voluntary and vague commitments made by the Group of 20 (G20) and APEC to end such subsidies. In the run-up to the next major climate summit in Glasgow (UK) in November (COP26) and the upcoming WTO Ministerial Conference in Nur Sultan, Kazakhstan (MC12), this seminar will be a timely opportunity to explore opportunities to support each other`s agenda for trade, climate change and sustainable development. Second, the agreement must ultimately attract many more participants. The EU, which is already trying to align its trade agreements with the fight against climate change, is a clear candidate. At the climate change summit, French President Emmanuel Macron called on other leaders to bring their trade and climate agendas into line.


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