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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