ABSTRACT
The fourth chapter's focal point is the need for climate clauses to achieve net-zero by 2050. It is demonstrated how multinationals are responsible for the vast majority of worldwide GHG emissions. In this context, the chapter discusses the significance of trade agreements between the EU and third countries (they ought to include enforceable sustainability/climate-related requirements), the Greenhouse Gas Protocol's Scope 3 Standard and the Science Based Target initiative. Chapter 4 also assesses the effectiveness of emissions trading systems in the EU, China and the United States as well as the EU's CBAM mechanism. The chapter closes with a critical analysis of selected template clauses drafted by the Chancery Lane Project and the author's own proposal for an extensive climate clause to be used in international supply/value chain scenarios.
