WTO Panel Discusses Creating Trade Environment to Promote Steel Decarbonization
Trade policy is key to allowing the steel industry to embrace decarbonization efforts, World Trade Organization Director-General Ngozi Okonjo-Iweala said during a WTO Public Forum event. During her opening remarks, the DG said the trade environment should "enable investments in breakthrough technologies, ensure availability of critical inputs, and increase the demand and cost competitiveness of green steel."
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Trade policies that can be used to these ends include "price and non-price measures, incentives, and standards," Okonjo-Iweala said. Xiao Guodong, the China Baowu Steel Group's chief representative for carbon neutrality, said that mutual recognition of standards via the WTO is "important to allow steelmakers to efficiently meet downstream consumer demands." He added that the situation of developing nations also must be considered in terms of "energy endowment, and access to technologies and inputs."