WTO Wants More Globalization and Asks How to ‘Redesign Global Financial Architecture’ in Name of Climate Change
The World Trade Organization (WTO) has published its 2022 edition of the World Trade Report, which pushes for more globalization and a shift away from fossil-fuel vehicles as part of its fight against climate change.
One of the messages of the report is that trade is a force multiplier as countries adapt and adjust to climate disruptions. “Open international markets would help countries achieve necessary economic adjustment and resource reallocation,” a press release about the report stated on Nov. 7. Countries that are more open to trade tend to have a “greater capacity to adapt to climate change,” the report stated.
Though trade-related greenhouse gas emissions have led to calls to limit exports in favor of domestic production and consumption, the WTO argues that such a move might lead to countries closing their borders and thereby generating an uptick in domestic emissions….