Although a new European Union (EU) climate initiative unveiled on Wednesday could change global trade patterns to favour countries where production is relatively carbon efficient, its value in mitigating climate change will likely be limited, the UN trade and development agency, UNCTAD, has warned. 

The world’s running out of time to limit global temperature rise to below two degrees Celsius, a matter of life or death for climate vulnerable countries on the front line of the crisis, the UN Secretary General reiterated on Thursday.