This policy brief – part of a package of briefs aimed at the 2023 G20 summit in India – discusses the importance of monitoring the offshore impacts of commodity trade and production, and makes recommendations for how G20 countries can improve it.
“Offshore impacts” are the environmental consequences of commodity production and trade in places other than where the commodities are consumed.
Consideration of such impacts in policy frameworks has emerged only recently. Frameworks to monitor overseas environmental impacts are critical to mitigating climate change and biodiversity loss but remain fragmented and underused.
Key barriers relate to the coherence of these frameworks and governments’ capacity to facilitate their uptake. The G20, comprising the most significant trading nations, is in an unparalleled position to address these barriers through a small number of strategic interventions.
This policy brief recommends that the G20 uses its influence to promote international awareness and uptake of existing frameworks and programmes, enhance data disclosure, build capacity in government organizations, and collaborate with other countries to develop and disseminate monitoring best practice.