Report outlines technologies that can help fight climate change

According to the report, 25 climate-friendly technologies have been identified as important which can help in reducing costs as well as cutting emissions some of which include solar and wind power, heat pumps, alternative refrigerants and insulation, etc.

The Accelerating Decarbonization through Trade in Climate Goods and Services report highlights technologies with high, immediate emissions-cutting potential in five categories: refrigerants, energy supply, buildings, transport, and carbon capture and storage. The report is based on 30 interviews with industry and academia (CCS). Trade ministers seeking to assist climate action might use the list of technology as a reference.

According to the report, 25 climate-friendly technologies have been identified as important which can help in reducing costs as well as cutting emissions some of which include solar and wind power, heat pumps, alternative refrigerants and insulation etc.

Sean Doherty, Head of International Trade at the World Economic Forum said that climate change is a global concern and that the response to it must draw upon the innovation and capacities of the whole world and not be held back by protectionism.

Collaboration in trade when it comes to climate is very rare as both industries work in different areas. However, there are currently new initiatives being made to address the connections between these two fields.

Jean-Pascal Tricoire, Chairman and Chief Executive Officer, Schneider Electric said “We need to decarbonize three times more, three times faster. The good news is that we have the technologies to do it. Solutions are not limited to renewable energy. It actually starts with energy efficiency, electrification and digitization. If deployed at full potential, we can eliminate 70% of what we’re emitting today.”

Additionally, the report emphasizes non-tariff restrictions on the trade of climate technologies. Cooperation amongst regulatory agencies, for instance, about product testing or labeling specifications, could lessen obstacles to the commercialization of products that minimize emissions. The interviewees also stated that trade restrictions on the services required to run climate technologies are a barrier to climate action. The research makes recommendations for how to prioritize these climate services for trade cooperation.

The report goes on to say that developing countries need to be engaged more in trade efforts on climate. Globally, 750 million people, mostly in sub-Saharan Africa, lack access to reliable power. For their sectors to stay competitive in the global value chains heading toward net zero, developing economies must decarbonize and advance beyond the most recent technologies.