In its World Trade Report 2022 issued on Monday, the WTO also found that gross domestic product losses are expected to be higher in regions vulnerable to weather-related hazards and with lower resilience to losses, such as the Middle East, North Africa, South and Southeast Asia, and Sub-Saharan Africa.
“Higher temperatures, rising sea levels and more frequent extreme weather events bring the prospect of productivity losses, production shortages, damaged transport infrastructure, and supply disruptions,” it added.
“WTO simulation analysis suggests that eliminating tariffs and reducing non-tariff measures on some energy-related environmental goods and environmentally preferable products could increase global exports in these products by $109 billion and $10.3 billion , respectively, by 2030,” the WTO said. The report also projected that the transition to clean energy could create around 30 million new jobs for clean energy and related sectors by 2030.