How COP29 can make this a reality » Capital News

Llewelyn Leonard, University of South Africa

The 29th Conference of the Parties (COP29) will be held in Azerbaijan in November 2024. The annual climate change conference should focus on holding corporations and countries accountable for their greenhouse gas emissions.

The polluter pays principle has been a key part of the climate debate for many years. It states that the polluter must bear the costs of managing its pollution to prevent damage to human health and the environment.

Although this principle is widely accepted in theory, it has not been consistently applied or respected in practice. Many of the biggest polluters continue to operate with little or no financial impact from the damage they cause.

Many countries, especially developing countries, have had to bear the costs of adapting to and mitigating climate change, despite being the least responsible for global emissions.

COP29 will have to demonstrate more political will and commitment to achieve the sharp emissions cuts needed to limit global warming. The stakes have never been higher. The world is rapidly heating up. On November 17, 2023, global temperatures exceeded pre-industrial levels by 2°C for the first time in modern history.

Failure to stop all greenhouse gas emissions by 2050 could cost the African continent US$50 billion a year. It is also expected to cause about 250,000 deaths per year worldwide between 2030 and 2050. Africa will suffer greatly.

From my perspective as an environmental science professor who has researched fossil fuel pollution and its impact on communities in South Africa, I believe COP29 could actively promote measures that hold polluters accountable for their emissions.

Taxing polluters, forcing polluters to pay for past pollution and creating opportunities for courts to award compensation for climate damage are some measures COP29 should agree to.

Problem with previous CS

COPs have previously set ambitious climate goals. While attending COP17 in Durban, South Africa, in 2011, I watched as the meeting led to the creation of the Durban Platform working group for greater action. The group developed a mitigation plan and actions by all countries attending the conference.

This was not enough to achieve immediate, dramatic and unprecedented annual reductions in emissions from major pollutants. Greenhouse gas emissions continued.

The legally binding 2015 Paris Agreement adopted at COP21 set more ambitious climate goals, with 196 countries agreeing to limit global warming to well below 2°C.

But countries that sign the agreement only need to make voluntary commitments (nationally determined contributions) to reduce emissions. They may choose not to comply with these obligations without incurring penalties.

Many did not keep their promises. For example, the United States—the world’s leading source of greenhouse gas emissions—withdrew from the Paris Agreement in 2017, citing economic harm. But she did not face any fines or sanctions for leaving.

Measures to strengthen the “polluter pays” principle

COP29 provides another opportunity, perhaps the last, to hold corporations and countries accountable for their emissions. This is a critical step towards achieving climate justice and reducing temperature rise. COP29 should introduce enforceable fines for big polluters that fail to meet their emissions targets. These may include:

Ending fossil fuel subsidies

Climate responsibility is about ensuring that those who heavily pollute the environment are held accountable for their actions. Since 1965, the 20 largest fossil fuel companies have accounted for 35% of global emissions. Fossil fuel subsidies worldwide totaled US$7 trillion in 2022, up from US$4.5 trillion in 2015. These subsidies have contributed to continued greenhouse gas emissions from the fossil fuel industry. , and this must stop.

Mandatory accountability mechanisms for climate finance

COP29 must push for a global system of accountability for climate change. This would make it mandatory for corporations responsible for large-scale emissions to compensate affected regions. A model to follow are liability schemes for oil spills or other environmental disasters, under which companies are required to pay cleanup costs and damages.

The biggest polluters must contribute to a global climate compensation fund. This could fund climate change adaptation and mitigation initiatives, as well as loss and damage initiatives.

Carbon pricing and at-source taxation

A carbon price calculates the social cost of floods or droughts caused by climate change. COP29 needs to expand this to reflect the true environmental and social costs of carbon emissions, so that polluters pay for the damage.

A carbon tax is when the government sets a tax that polluters must pay for each ton of greenhouse gas emissions. This makes pollution more costly and encourages the adoption of cleaner technologies. For example, Sweden charges the highest carbon tax rate of €116.33 ($137) per tonne of carbon emissions, and this has helped reduce greenhouse gas emissions.

However, I argue that cap-and-trade systems and cap-and-trade systems should be abolished because they have largely failed to sufficiently limit emissions and have allowed industries to continue with “business as usual.” In some cases, cap-and-trade has exacerbated environmental injustice. For example, the Bisasar landfill in Durban, South Africa (the largest landfill in Africa) has resulted in increased waste generation to produce methane as carbon offset.

Legal liability for climate damage

COP29 should highlight the role of the International Court of Justice and other international legal bodies in adjudicating cases involving environmental damage and awarding reparations for climate-related damages. A new international legal framework is needed. This should allow climate-related lawsuits to be brought against governments, corporations and others responsible for excessive emissions. Past legal victories, such as the Dutch District Court’s Hague decision in 2021 ordering Royal Dutch Shell to cut emissions by 45% by 2030, have set a powerful precedent.

Financial Transparency Rules

COP29 should call for stronger corporate financial disclosure laws. Expanded frameworks such as the Task Force on Climate-Related Financial Disclosures could force companies to report environmental degradation, resource extraction and the emissions they cause. This transparency will help governments and international organizations more effectively identify polluters and ensure climate redress.

Liability for historical emissions

Fossil fuel companies, which have been largely unregulated for years, must be held accountable for their past emissions. COP29 could create a mechanism that would force these companies to pay into an official global “climate reparations” fund.

Moving forward at COP29

The international community must establish robust mechanisms to hold major greenhouse gas emitters accountable. This requires compelling financial contributions from high-emitting countries and corporations. They will fund climate change mitigation and adaptation efforts in vulnerable communities.

The success of COP29 will depend on the collective will of governments and corporations to embrace the principles of fairness, equality and transparency. This will ensure that the burden of addressing climate change does not fall solely on those with the least responsibility, such as countries in Africa.

Llewelyn Leonard, Professor of Environmental Sciences, University of South Africa

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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