00:00I've been speaking with the director-general of the WTO, Ngozi Okonje-Eweyla.
00:07Now, I asked her about a recent report released by the WTO speaking of the multilateral trading system being at
00:13a critical junction.
00:14I asked her what that means when it comes to policies such as the EU's carbon border levy and potential
00:20trade barriers.
00:23World trade is going through unprecedented disruptions.
00:28I think the worst is seen in 80 years.
00:31Nevertheless, the global trading system has shown tremendous resilience, and 72% of world trade still goes on on WTO
00:40terms.
00:41And with respect to the issues of climate measures and trade barriers, there's something I want to say.
00:48I believe that because trade ministers and environment and climate change ministers are really in the room together,
00:57it results in measures that environment ministers feel they need to put in place in order to help curb carbon
01:07emissions,
01:08which then are seen by trade ministers as protectionists and creating trade barriers.
01:14So I think what we need to do is get the two sets of policymakers in the same room so
01:21that they can make climate rules that are also respective of trade rules.
01:26How can this year's COP ensure that climate policies don't get in the way of bilateral trade disputes?
01:33Trade is a means to help with climate.
01:38And climate measures should not be seen as a barrier to trade.
01:42But because there's little talk, little consultation between the two, we are ending up in this.
01:48This is a huge opportunity at COP.
01:50I still don't see enough of it, but I think I'm here because we want to demonstrate that trade has
01:56climate-friendly measures that should help with climate change.
02:00You know, they're not opposed.
02:02We can make the two work together.
02:05When it comes to re-globalization and the just transition, which is a key part of many negotiations here at
02:12COP,
02:12what can be done to bring manufacturing closer to where critical raw materials are mined and reduced?
02:18We need to avoid dependencies in supply chains.
02:22So how do we decentralize?
02:23And here is the opportunity for there to be more activity in mining countries.
02:30So what we are trying to say is why don't we also try to invest in the countries that have
02:36the critical minerals so you can mine, refine,
02:39and even manufacture the end products such as batteries.
02:42I think China is beginning to make investments in African countries that can lead more in this direction.
02:53That is refining more in place, creating more jobs.
02:55But we want to push it further.
02:58You know, less than 3% of Africa's cobalt production is refined in place.
03:03We need to change that.
03:05And I think now is the time because we can also create global resilience by decentralizing supply chains more.
03:12Given the uncertainties following the U.S. midterm elections, the continued uncertainty with the blockade of the Strait of Hormuz,
03:20the war in Iran,
03:22how are those issues framing conversations here at this year's COP?
03:26It's still talk of a lot of uncertainty in the air.
03:30And here in the Climate COP, there is a move to partner with business to get them to invest,
03:36but particularly in developing supply chains that can help with renewables and clean energy.
03:42And so we need to work harder, you know, to deal with those uncertainties,
03:47because as long as business is not sure what regulatory framework is going to be,
03:53you know, where they're going to invest, whether new policies will come in place,
03:57they will hold back investment.
03:59Here at COP is a place to try to reassure business, to engage them,
04:05and make sure that they do support, you know, the lowering of carbon emissions
04:09by investing in those places that have both critical minerals and renewable energy potential.
