Developing countries at UN climate summit: Climate policies threaten multilateralism

Advanced economies’ climate policies are causing a multilateralism “crisis” and undermining their fundamental commitments to the World Trade Organization, ministers from several developing economies said during the COP28 climate summit’s “Trade Day” on Monday. Aspects of U.S. and European Union climate policies – the Inflation Reduction Act and the carbon border adjustment mechanism, respectively – have rankled trade partners and spurred accusations that they might violate WTO rules on goods trade, environmental subsidies and trade-related investment measures. As officials convened...