Natural resources are essential public goods that must be used sustainably. International economic law has begun to take environmental issues into account because sustainable development is impossible without reconciling commercial objectives with environmental concerns.
For all the latest news, follow the Daily Star’s Google News channel.
The implications of international economic law for the transfer of environmentally friendly technologies and the protection of non-economic values have become a major concern in the governance of economic relations around the world. Over the past few decades, international environmental laws have had a significant influence on international economic law. It is vitally important that industrialized countries actively play their part in reducing the planet’s carbon footprint.
The temperature on the surface of the planet is increasing rapidly due to the indiscriminate emission of carbon dioxide. As a result, many countries are affected by sea level rise. As a result, the entire ecosystem of the earth suffers in the long term. Industrialized and developed countries that mainly emit carbon dioxide have shown their concern for the environment by skipping the issue of increasing carbon dioxide, marine pollution and air pollution. However, some countries refuse to regulate carbon emissions for economic reasons.
In recent years, international economic law has seen the integration of economic rights, environmental concerns and sustainable development goals across its wide spectrum. Developing countries are mostly victims of climate change. Securing economic development alone cannot be the main objective of international economic law. Rather, it must encompass sustainable development.
Moreover, natural resources are essential public goods that must be used in a sustainable way. International economic law has begun to take environmental issues into account because sustainable development is impossible without reconciling commercial objectives with environmental concerns. Therefore, international trade and investment laws are changed keeping in mind the need for environmental protection. All types of environmentally harmful productivity are minimized. In the context of climate protection, the Vienna Convention and the Montreal Protocol have obliged their parties to delay the creation of carbon dioxide. Furthermore, the Kyoto protocol separated the duties of the States. Under the Paris Agreement, developed countries have an obligation to provide financial support to developing countries suffering from climate change. On the other hand, the Convention on Biological Diversity has created a balance between the protection of biodiversity and the economic use of natural resources. It creates a balance between environmental and economic interests.
To stimulate the future economy in a sustainable way, a long-term plan of environmentally friendly investments is essential, where stakeholders must work together. There is no doubt that the New International Economic Order (NEIO) is a better platform for achieving environmental and economic goals. It has provided countries with freedom over their natural resources and economic activities where it is guaranteed that economic development should proceed in a sustainable manner. On the other hand, the Financial Stability Board (FSB), an international watchdog of the international financial system, has formed a Task Force on Climate-related Financial Disclosures (TCFD) to communicate climate-related financial information. It helps to provide authentic and high-quality information on the effects of climate change, which is essential for decision-making. In Philippines v China (South China Sea Arbitration), the Permanent Court of Arbitration (PCA) ruled that large parts of the shallow reef area of the South China Sea had been permanently destroyed and that the remaining areas were at stake. In arbitration, China’s activities for economic purposes were found to have violated environmental law.
Indiscriminate sea level rise, floods, droughts and cyclones have made Bangladesh and similar countries more vulnerable to the long-term consequences of climate change. For this reason, in particular, the fisheries sector of Bangladesh, which contributes about 3.5% of GDP, is negatively affected. Many entrepreneurs in this sector lose their capital and workers lose their jobs. In a report published by Statista, it is found that Bangladesh emits only 0.56 metric tons of carbon dioxide per year while the United States emits 14.24 metric tons, Australia emits 15.37 metric tons and the China emits 07.41 metric tons. However, COP-26 held in Glasgow established the Glasgow Climate Pact for the world, which included emergency reductions in greenhouse gas emissions and secured more climate finance for developing countries. to deal with climate change. However, using green technology solutions and transforming existing industries to green can create the opportunity to build a greener and more sustainable global economy. Thus, the balance within international economic and environmental laws can protect the global economy from the curse of climate change.
The author is a specialist in international economic law.