TBILISI, Georgia, May 2. There is progress in the climate-trade nexus, Deputy Director-General at the World Trade Organization (WTO) Jean-Marie Paugam said during the "Financing Greener Value Chains in the CAREC Region" panel session at the 57th ADB Annual Meeting in Tbilisi, Trend reports.
"Advancements are occurring in the climate-trade relationship, which entails the intersection of policies." "Climate policies impact markets in a variety of ways, and trade policies can also influence climate policies," he said.
Paugam highlighted that trade can either accelerate or impede the energy transition.
"Market fragmentation hampers efforts in both trade and climate initiatives. Greater economic efficiency often results in underestimated emissions. Climate cooperation requires no minimum threshold. We can redirect high production tariffs on fossil fuels towards climate-related purposes," he added.
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