Emerging markets raise voice at COP27

WHILE COP27 is only just past the halfway stage, it is already clear that one of the key, distinctive features of the Egyptian-hosted climate summit is the way that the voice of emerging markets has been brought to the fore.

This is reflected in the issues being discussed, with, for instance, “loss and damage” being on the official COP agenda in Sharm el-Sheikh for the first time ever. To be sure, however, it is not the case that Egypt is the only time that the Global South has shown its influence.

Indeed, for a number of years now, developing countries in Africa, Asia and South America, which will provide the motor of global economic growth in coming decades, have been leading the way in providing a legal framework for climate security. Many are concluding it is in their national interests to reduce greenhouse gas emissions by embracing low-carbon growth and development, and that it is better for them to prepare for the impact of climate change by advancing climate change laws and policies.