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Climate equivalence and international trade

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journal contribution
posted on 2023-09-15, 08:43 authored by Emily LydgateEmily Lydgate

This article examines a significant question in navigating trade and climate tension: how to recognize another country as having equivalent climate regulations. Such equivalence forms a core component of many proposed models of so-called climate clubs. Establishing equivalence between distinct national climate regulation regimes poses a unique challenge that draws upon both trade and environmental international cooperation. Drawing on existing proposals, I examine prospects for country-based cooperation through three models: ETS-linking, benchmarking of shared methods and minimum standards, and benchmarking of outcome duties. The analysis concludes that all models necessitate some trade-offs between the goals of rigorous oversight of climate objectives, inclusivity, and WTO compliance. Benchmarking of shared methods and minimum standards seems most feasible, and would provide a deeper level of integration between trade and climate cooperation, but necessitates a shift in how countries, particularly the EU, oversee regulatory compliance.

Funding

Centre for Inclusive Trade Policy : ESRC-ECONOMIC & SOCIAL RESEARCH COUNCIL | ES/W002434/1

History

Publication status

  • Published

File Version

  • Accepted version

Journal

World Trade Review

ISSN

1474-7456

Publisher

Cambridge University Press (CUP)

Issue

3-4

Volume

22

Page range

484-496

Department affiliated with

  • Law Publications

Full text available

  • Yes

Peer reviewed?

  • Yes