Page 14 - Issue 61

Vol.1 Issue 61 November 2023 ELITE

Green Protectionism Threatens Progress in

Climate Action

Abdelrahman Sakr- Second Year- Economics- English Section

Though there have been recent milestones First, there are barriers to trade. In 2018 Trump

regarding climate action, like the foundation of started a trade war on China, imposing tariffs on
the loss and damage fund in COP 27 and COP different products. These tariffs covered 88% of
28 pledge to a transition away from fossil fuels,
the renewable energy (RE) goods and 76% of the
there is still a long way to go. As per the most
cleaner road transport (CRT) goods. Most
recent "Global Stocktake" report from the
importantly, tariffs of 25% and 30% on electric
United Nations, there is a continued increase
vehicles (EVs) and solar panels respectively have
in worldwide greenhouse gas emissions.
been imposed. In response, China retaliated by
Moreover, the commitments made by nations
imposing tariffs that covers 86% of the RE goods
to reduce these emissions collectively are
and 78% of CRT goods. These measures would
significantly inadequate to meet the target of
curb climate action by slowing the adoption of
limiting average global temperature rise to 2°C
green tech as customers find it more expensive to
above pre-industrial levels, as outlined in the
deploy. There is also fear of escalation as there are
2015 Paris agreement. Meeting the more
high chances that Trump returns to the White
ambitious goal of a 1.5°C increase seems even
House, which would complicate matters
more challenging based on current pledges. To
furthermore. In case of escalation, most critical
make it worse, countries are putting hurdles in
will be China’s decision whether to ban exports of
each other’s ways- our way, since climate
rare minerals needed in green industries, which it
change is a global challenge and its
produces 60% of. Last July, China restricted
consequences are shared, albeit if unequally.
Rising green protectionism across the world is gallium and germanium exports intended as a
threatening the already slow weak march response to the U.S. restricting semiconductor
against climate change. Tariffs, subsidies, and manufacturing equipment and chip exports. While
“friendshoring” are making the green China’s main aim was to punch U.S.
transition needed costlier and slower by semiconductor manufacturing, germanium is also
causing inefficiencies, raising costs, and important for low-carbon technologies like solar
decreasing innovation. They are mainly being cells. Along with raising costs, the reconstruction
pushed because of rising tensions and of supply chains caused by U.S.-China trade war
competition between China and the USA. will increase global
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