ISLAMABAD: A group of leading multilateral agencies led by the World Trade Organi­sation (WTO) has called for immediate steps by all countries to introduce carbon pricing and gradually shift towards energy efficiencies, low-cost green technologies like solar and invest in public transport systems to fight climate disaster, otherwise the global commitment against rising temperatures would remain elusive.

In their joint report “Working Together for Better Climate Action,” these lenders found that key climate projections showed gaps in both ambition and implementation to achieve the objections of the Paris Agreement and the countries were falling short of their targets nationally determined contribution.

The World Trade Organisation convened the Task Force on Climate Action, Carbon Pricing, and Policy Spill overs— which was joined by the IMF, Organisation for Economic Coope­ration and Development, United Nations Confe­rence on Trade and Development, and the World Bank — to identify ways to foster coordination to maximise positive and limit negative cross-border spill overs from climate change mitigation policies, to introduce a common understanding of carbon pricing metrics and promote coordination to scale up climate action, including through carbon pricing.

Published in Dawn, October 24th, 2024