Trade and Climate after COVID-19: Subsidies, Stimulus, and Energy Price

Join us for an IISD Global Subsidies Initiative webinar looking at global trade policy responses to COVID-19, as well as the broader climate and environment policy discussions happening as a result of the crisis. The webinar, part of a series initiated by the Friends of Fossil Fuel Subsidy Reform, will take place on Thursday, May 28, at 14:00 GMT.

The COVID-19 pandemic poses both threats and opportunities for international efforts on trade and climate change issues. This crisis is forcing governments around the world to consider implementing wider circular economy policies, greening and localizing larger parts of the supply chain. The pandemic may also potentially lead to more stringently protectionist agendas. Governments are also currently responding to the pandemic with stimulus packages to address all affected areas in their economies, and in some cases these packages include energy pricing and fossil fuel subsidy reform. Due in part to the global lockdown, demand for oil reduced by more than 15 million bpd in April 2020. This resulted in the lowest energy prices the world has seen in decades, another important factor in today’s trade and climate considerations.

This webinar intends to discuss global trade policy responses to COVID-19, as well as the broader climate and environment policy discussions happening as a result of the crisis. The first session will provide a global perspective on current events worldwide and discuss examples of response measures taken by a number of specific governments. The second session will focus on the present current situations. The Friends for Advancing Sustainable Trade (FAST) and Friends of Fossil Fuel Subsidies Reform (FFFSR) will also share their views along with suggestions for trade policy measures to support resilience from both a climate and pandemic perspective.