WCF Chair calls for new solutions to address climate change impact on global trade

JAKARTA, 14th March, 2019 (WAM) -- Speaking at the 5th ICC Asia Pacific CEO Forum in Jakarta, World Chambers Federation Chair, Hamad Buamim said public and private sector stakeholders should align their efforts on climate change to maximise their impact.

Climate change is having a clear and direct economic impact on a global level and this pressing issue requires solutions and actions from all segments of the global community, including chambers of commerce, and public and private sector stakeholders, according to Buamim, who is also the President and CEO of the Dubai Chamber of Commerce and Industry.

Buamim's remarks came during a panel discussion titled "Transforming the Future: Trade and Climate Change" that took place at the 5th ICC Asia Pacific CEO Forum which was held recently in Jakarta, Indonesia.


During the discussion, Buamim noted that consequences resulting from climate change are being felt in several economic sectors, including international trade, transport, tourism, and agriculture where rising sea levels and extreme weather conditions have had a direct impact on supply and demand, while environmental and infrastructure damage have also been identified as related issues.

Considerable headway has been made in achieving the targets of the Paris Climate Agreement which the UAE ratified in 2016. Buamim explained, adding that the agreement served as a catalyst for boosting global cooperation in tackling environmental challenges and developing sustainable solutions to address such obstacles.

"There is always room for improvement and more should be done on the part of the international community in adopting a more holistic approach to tackling climate change. Several studies have concluded that even ambitious emission targets can be achieved through the use of existing technologies and practices," Buamim said.

Some of these technologies that have been proven to be effective include energy efficient transport, green buildings and industry; switching to zero or low-carbon energy technologies; reducing deforestation and improving land and farming management practices; and improving waste management, he pointed out.

Buamim called for removing barriers to the trade of environmentally friendly goods and services, stressing that the ICC – World Chambers Federation has played an active role by making policy recommendations that promote sustainable development and growth.

The panel was moderated by Nikolaus Schultze, ICC Global Policy Director and joined by Buamim; John W.H. Denton AO, ICC Secretary-General; Ilham Akbar Habibie, President, ICC Indonesia; and Mari E. Pangestu, President United in Diversity Foundation.

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