The Covid-19 pandemic has dramatically impacted the economic and political background against which climate and trade policy have been discussed for decades, particularly with respect to questions of climate finance, subsidies and border carbon adjustments. As governments respond to both the Covid-19 and climate crises, a comprehensive, green recovery has the potential to reshape industries in ways that market forces alone would not. This publication thus explores the ways in which a green recovery is changing our perceptions about climate change, trade and, more generally, sustainable development. It addresses the problems and prospects of achieving carbon neutrality, the rise of the low-touch economy, the security of resources in supply chains and the role of trade in creating new markets and improving access to climate friendly goods, services and technologies. Finally, it offers recommendations for a positive agenda on trade and climate to help rebuild support for international economic cooperation at a time when the legitimacy of global economic governance is increasingly in question.