COP27 and the ambiguity about responsibility
The HinduThis year, at COP27 in Egypt, a dizzying array of topics was on the table for discussion — from the more familiar emissions reductions to the more detailed rules to govern carbon markets. And as scientists today are able to attribute these events to climate change, and derivatively, to greenhouse gas emissions, developing countries maintain that developed countries should inherit the resultant responsibility and liability. Developing countries feared a dilution of attention to developed country obligations, while developed countries argue that this Article can play a transformative role in mobilising the trillions actually needed to respond to climate change. Carbon markets are also increasingly featuring in just energy transition partnerships, which are emerging as avenues for developed countries to quickly channel finance to developing countries transitioning towards clean energy systems. While developing countries at COP27 wanted to focus on the public finance that developed countries should provide, the finance conversation is becoming multi-stranded and spreading to arenas outside formal negotiating channels.