As the US and EU feud over green subsidies and border taxes, a coalition of trade ministers will try to sync the global trading system with the climate agenda.
Launching the coalition, EU trade commissioner Valdis Dombrovskis said that he wanted to negotiate with Washington over Europe’s gripes on the IRA, and that the European carbon border adjustment mechanism had been designed to meet WTO rules.
“It’s a declaration of intent, which is important. And it’s also where the discussions are now going to be focused amongst the coalition states – on the kind of content and the kind of initiatives that are going to make a difference on the trade side,” he said.on developing the market for voluntary carbon credits, told the press conference the new coalition could have a significant impact.
Countries might also be tempted to stockpile supplies of critical minerals, she said, and the trade regime could help counter this because “stockpiling is the absolutely worst thing to do in order to get development outcomes”.
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