The world is on track for at least 3.3°C of warming above pre-industrial levels, in contrast to the Paris Agreement target of restricting warming to well below 2°C. The need of the hour is to build trust and transparency to ensure that ambitions are being translated into action. This will not be possible without innovative fiscal and market instruments. The European Green Deal has strengthened the level of climate ambition, increasing the asymmetry of climate efforts by aiming to achieve climate neutrality in the European Union by 2050. This raises the question of how to deal with competitive pressure and carbon leakage, pushing BCAs to the front as a possible solution.

Meanwhile, emerging economies like India are leapfrogging towards an energy transition by building renewable energy capacity, investing in sustainable mobility, sustainable cooling, industrial energy efficiency and fuel choices, and sustainable agriculture. We need to ensure that these efforts are also accounted for and restrictive trade practices are avoided. The discussion will explore ways to accommodate concerns and initiatives among major trading partners in the global architectures of trade and climate change.

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