Soumya J M, Christ Deemed to be University
ABSTRACT
The current environmental treaty-making system, the traditional Convention-Protocol approach, has suffered from ineptitude since global cooperation on environmental issues has been stunted because of the worsening split between developed and developing nations, the North-South divide, the stubborn persistence of national sovereignty and the lack of incentives. An alternative mechanism, Emissions Trading, is a market-based approach that allows companies to buy and sell permits to emit pollutants, motivating companies to reduce their emissions. It gives companies substantive incentives by manoeuvring their choice architecture to set a monetary stake. A straightforward system, however, presents discriminatory lapses. The doctrinal research navigates an effective strategy and devises an apt framework to address the concerns better.
Amartya Sen’s theory of the Capability Approach to climate justice anchors the proposition presented in this paper. The paper seeks to tweak the structure of Emissions Trading to establish codicils for expedient justice. It takes into account the specific requirements of communities in achieving their goals. The system proposes to prescribe the appropriate monetary value of allowance being sold to a party according to its capabilities. A more capable party will be required to pay more by being held at a higher duty standard for the same allowance than one at a disadvantage. The essence of this proposition lies herein, which also follows from CBDR.
Nor does it entirely discount the parties less capable; it upholds the burden- sharing model where they take responsibility for emissions caused as well. It contrasts with the popular notion of duty-bearer by drawing focus on the way forward rather than merely punishing a wrongdoer. This adds monumentally to a shift in approaches of the nations in collaboration in pursuit of a sustainable world.
The Conference of the Parties under the Paris Agreement is uncovered in this paper to be the apt authority to pursue this proposition since it is the sole commitment by all 196 nations employing a right-based approach and a bottom-up approach; governments have committed to and pledged tangible change. It brings a real possibility of a universal uniform valuation of emission units, and accountability will be assured.
Keywords: burden-sharing model, Capability Approach, Emissions Trading, market-based approach, Paris Agreement.
