Trade, Climate and Finance: Breaking the Silos to Drive Ambitious, Inclusive Action

A statement from a coalition of 60 trade ministers arguing that the global trading system must move beyond 'business as usual' to meet Paris Agreement goals. The coalition advocates for breaking silos between trade, finance, and climate ministries to catalyze investment in sustainable trade, support climate-vulnerable nations, and accelerate the transition to clean energy.

• The current global trading system is insufficient for meeting Paris Agreement climate goals, necessitating a transformation in how the world handles transport, investment, trade, and finance. This includes shifting away from carbon-intensive goods, services, and high-emissions logistics, while tripling renewable energy capacity and doubling energy efficiency by 2030.
• A coalition of 60 trade ministers is working to integrate trade, climate, finance, and development policies to break institutional silos. As part of this effort, the coalition held a ministerial roundtable in Davos to identify opportunities for collective action and cooperation on the nexus of climate, trade, and finance.
• Climate-vulnerable nations, specifically least developed countries and small island developing states, face severe impacts on fisheries and agriculture due to natural disasters. These countries require coherent approaches to trade and finance, as they are hindered by low investment while needing to fund economic recovery and resilience.
• Trade is identified as a critical enabler for climate mitigation and adaptation by spurring the diffusion of climate-action goods and services and generating resources for socio-economic challenges. Proposed solutions include using export credit and trade promotion agencies to promote net-zero trade finance and reforming government procurement to scale up climate solutions.
• The coalition emphasizes the need for cooperation on fiscal policies, including carbon pricing and measurement mechanisms, to maximize climate benefits while minimizing trade distortions. They also suggest reviewing public subsidies that may harm development and climate goals.

APA

Garcia, S., Dombrovskis, V., Miano, R., Monteiro, A., Symmonds, K., Svyrydenko, Y., Kamikamica, M., Pascual, A., Eide, E. B., & Saeed, M. (2024). Trade, Climate and Finance: Breaking the Silos to Drive Ambitious, Inclusive Action. Forum on Trade, Environment, & the SDGs. https://tessforum.org/latest/trade-climate-and-finance-breaking-the-silos-to-drive-ambitious-inclusive-action

Chicago

Garcia, Sonsoles, Valdis Dombrovskis, Rebecca Miano, Alexandre Monteiro, Kerrie Symmonds, Yuliia Svyrydenko, Manoa Kamikamica, et al. Trade, Climate and Finance: Breaking the Silos to Drive Ambitious, Inclusive Action. Forum on Trade, Environment, & the SDGs, 2024. https://tessforum.org/latest/trade-climate-and-finance-breaking-the-silos-to-drive-ambitious-inclusive-action.

Wikipedia

{{cite press release |last1=Garcia |first1=Sonsoles |last2=Dombrovskis |first2=Valdis |last3=Miano |first3=Rebecca |last4=Monteiro |first4=Alexandre |last5=Symmonds |first5=Kerrie |last6=Svyrydenko |first6=Yuliia |last7=Kamikamica |first7=Manoa |last8=Pascual |first8=Alfredo |last9=Eide |first9=Espen Barth |display-authors=etal |title=Trade, Climate and Finance: Breaking the Silos to Drive Ambitious, Inclusive Action |publisher=Forum on Trade, Environment, & the SDGs |date=18 January 2024 |url=https://tessforum.org/latest/trade-climate-and-finance-breaking-the-silos-to-drive-ambitious-inclusive-action |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@misc{garcia2024trade, author = {Garcia, Sonsoles and Dombrovskis, Valdis and Miano, Rebecca and Monteiro, Alexandre and Symmonds, Kerrie and Svyrydenko, Yuliia and Kamikamica, Manoa and Pascual, Alfredo and Eide, Espen Barth and Saeed, Mohamed}, title = {{Trade, Climate and Finance: Breaking the Silos to Drive Ambitious, Inclusive Action}}, publisher = {Forum on Trade, Environment, \& the SDGs}, year = {2024}, month = jan, url = {https://tessforum.org/latest/trade-climate-and-finance-breaking-the-silos-to-drive-ambitious-inclusive-action}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }