Okonjo-Iweala seeks a more sustainable energy production

The Director-General of the World Trade Organisation, Dr. Ngozi Okonjo-Iweala has emphasized the need to double energy efficiency and quadruple the output of sustainable energy by 2030.

As reported by Punch on October 18, 2024, Dr. Okonjo-Iweala disclosed this at the recent Geneva fifth edition of Trade and Environment Week.

This is in order to stay on pace with the Paris Climate Agreement, as reported.

“We are at a pivotal moment where trade policies have become a powerful catalyst for environmental sustainability and offer a versatile set of tools for people-oriented clean energy transition”, she stated.

She pointed out that resolving fossil fuel subsidies might encourage innovation and reduce emissions.

She also stated that correcting existing tariff imbalances that favor higher-carbon items over sustainable energy equipment could reduce costs.

The Director-General also disclosed that it broader use of low-carbon technologies.

She clarified that in order to guarantee a stable policy environment required for the adoption of renewable energy, trade policy action might be used to synchronize standards and certification procedures.

Again, in a video message, the Executive Director of the United Nations Environment Programme, Dr. Inger Andersen, emphasized on the serious repercussions of rising temperatures and the importance of tackling climate change.

“We know that greenhouse gas emissions must fall, fall fast, and never rise again,” Dr. Andersen stated.

She urged the use of essential minerals in a responsible and circular manner.

She emphasized the value of renewable energy in combating climate change.

“Underlining the necessity for trade policies that promote responsible mining, protect local communities and ensure that the benefits of these resources are shared across the value chain,” she added.

The Secretary-General of the World Meteorological Organisation, Ms. Celeste Saulo on her end, stated, “Climate information should be part of every policy related to green energy transition.

“A coordinated international effort to share climate data, facilitate technology transfer and build climate-resilient infrastructure will be critical to ensure the reliability and sustainability of renewable energy systems worldwide”, she noted.

The need of coordinating trade policies with the clean energy transition was emphasized by Mr. Francesco La Camera, Director-General of the International Renewable Energy Agency.

He stated that the current rate of change is not enough to meet global climate targets.

“The market is still designed for fossil fuels,” he said

This is despite the fact, as he stated that renewable energy has emerged as the most competitive source of electricity globally.

Mr. La Camera demanded urgent reforms, such as setting global standards for environmentally friendly products and services.

La Camera also demanded for reduced tariffs on renewable energy technologies.

“If we don’t change rapidly the way we produce and consume energy, the next two COPs will be the last chance to keep the 1.5°C target alive,” he warned.

“Trade policies and environmental policies not only can co-exist but must complement each other to achieve our sustainability goals”, added Chile’s ambassador, Sofía Boza.

Ambassador Boza highlighted the role of trade in facilitating access to sustainable energy technologies.

“The energy transition offers a significant opportunity to diversify the productive base while creating added value in exports”, she said.

About Dr. Ngozi Okonjo-Iweala

Dr. Ngozi Okonjo-Iweala is a Nigerian economist and the World Trade Organization (WTO) director-general.

As the position’s first African and female occupant, she created history.

She is also a specialist in international development.

Early Life and Education

Dr. Okonjo-Iweala was born in Ogwashi-Uku, Delta State, Nigeria, on June 13, 1954. She has –

• A bachelor’s degree in economics from Harvard University (1976).
• A doctorate in regional economics and development from the Massachusetts Institute of Technology (MIT) is awarded in 1981.

Career Highlights

• World Bank: Managing Director, Operations, and Vice-President for the Africa Region (1982–2003, 2007–2011).
• Nigerian Government: Served as Minister of Finance, Minister of Foreign Affairs, and Coordinating Minister for the Economy from 2003 to 2006 and 2011 to 2015.
• Director-General of the World Trade Organization (2021–2024), spearheading international trade talks and fostering economic expansion.
• Board memberships: African Risk Capacity, Carnegie Endowment for International Peace, and Georgetown University’s Institute for Women, Peace and Security.

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