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WTO DG Okonjo-Iweala highlights trade as key solution to climate crisis

Published on: 15 February 2022
Published by LNB News

LNB News 15/02/2022

Document Information

Issue Date: 15 February 2022

Published Date: 15 February 2022

Jurisdiction(s): United Kingdom

Article summary

The Director-General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala has stated that climate priorities can be addressed through trade actions that prioritise the specific challenges faced by least-developed countries and small island developing states. Firstly, DG Okonjo-Iweala states that countries affected by crop failure and natural disaster can bring in food and supplies that are necessary for reconstruction while the domestic production resumes. Secondly, due to global supply chains, photovoltaic panels are the cheapest source of energy in many parts of the world. Trade lowers costs of goods around the world. Thirdly, trade-related development assistance totalled US$25bn in 2019, which is increasing due to the climate finance initiative around the world.

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