Pakistan incurred approximately $30 billion in damages from the 2022 floods. The European Union has established the Carbon Border Adjustment Mechanism (CBAM) as a strategy to combat climate change and its associated consequences.
Under this mechanism, the EU applies a levy on imported products by measuring carbon emissions in the importing nation against those within the European Union. Developing nations argue that CBAM serves to deter foreign direct investment from European firms.
Critics suggest developed countries are attempting to create advantages for their own states and corporations by exploiting current global circumstances. Developed nations previously declined to fulfill binding greenhouse gas emission reduction targets under the Kyoto Protocol.
Poor and developing countries intend to advocate for historical taxation at the upcoming COP in Turkey. Article 4 of the United Nations Framework Convention on Climate Change (UNFCCC) states, "The parties should protect the climate system for the benefit of present and future generations of humankind, on the basis of equity and in accordance with their common but differentiated responsibilities and respective capabilities. Accordingly, the developed country parties should take the lead in combating climate change and the adverse effects thereof."
Proponents argue that any transition must be based on the first principle of Article 4 of the UNFCCC.
