Home Business & Finance World Chambers Federation Chair calls for new solutions to address climate change impact on global trade

World Chambers Federation Chair calls for new solutions to address climate change impact on global trade


JAKARTA: 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 H.E. Hamad Buamim, Chair of the ICC – World Chambers Federation and President and CEO of Dubai Chamber of Commerce & Industry.

H.E. Buamim made the comments during a panel discussion entitled “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, H.E. 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. H.E. 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” said H.E. Buamim.

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. H.E. 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 H.E. Buamim; John W.H. Denton AO, ICC Secretary General; Ilham Akbar Habibie, President, ICC Indonesia; and Mari E. Pangestu, President United In Diversity Foundation.

World Chambers Federation (WCF) is ICC’s unique and truly global forum uniting the global network of 12,000 chambers and their respective business communities. As well strengthening links among chambers, WCF also helps individual chambers become more productive.

As a non-political, non-governmental body, WCF is the backbone of the chamber community providing a platform for chamber leaders to communicate and collaborate with each other on matters of mutual interest and facilitating beneficial partnerships. News Desk

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