What is the story about?
What's Happening?
The Paris Agreement signatories are encouraged to consider imported emissions in their climate plans. Around 25% of global greenhouse gas emissions are embedded in international trade, with G20 economies accounting for 80% of these emissions. The EU's imported emissions constitute nearly 40% of its overall GHG footprint. The UNFCCC COP discussions are beginning to address this issue, emphasizing the need for accurate carbon accounting and trade frameworks to reduce emissions across borders.
Why It's Important?
Addressing imported emissions is crucial for comprehensive climate action and global decarbonization. Recognizing the emissions embedded in trade can lead to more effective policies and international cooperation. This approach may influence trade relations and economic strategies, promoting sustainable practices and reducing carbon footprints. The dialogue on emissions in trade reflects the interconnectedness of global economies and environmental responsibilities.
What's Next?
Countries may integrate emissions from trade into their NDCs, setting targets for low-carbon production and cleaner supply chains. International collaboration and support for carbon accounting systems could enhance transparency and compliance. The discussions may lead to new trade frameworks and agreements that prioritize climate goals.
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