Global warming has become one of the key environmental concerns around the world. The responsibility lies mostly on the developed nations due to the intention of profit maximization rather than sustainable business practices. Additionally, they invest in developing countries to net off their carbon emission through carbon credits. However, to attract eco friendly investors, developed nations are forced to adopt eco friendly methods of business operation. Overall, I think that developed nations should be held most responsible for global warming.
Prioritizing the interest of maximizing profits, companies prefer to follow cost effective measures even if they cause global warming. Companies still tend to cut down trees and clear the forest to build houses and large shopping complexes in order to generate rental income. Cutting down trees can lead to less oxygen circulation, and more carbon dioxide trapped in the environment which can increase global warming.
Developed countries may not be transparent in publishing their actual business operations. Rather than implementing measures to reduce global warming, established nations volunteer to invest in developing countries who are involved in solar, wind and hydro power businesses through carbon credit mechanisms. These investment projects will place the developed nations under limelight for being socially responsible. In actual scenario, the corporations in such nations will continue to harm the environment by engaging in activities that contribute towards global warming.
On the other hand, to attract more eco-friendly investors, developed nations are compelled to follow transparent reporting and engage in business operations that complement the environment in order to qualify for investments such as Green bonds and Green financing. The corporate governance bodies have strengthened their Environmental, Social and Governance (ESG) reporting matrix by enforcing many rules and guidelines that should be followed mandatorily to qualify for these investments. By this enforcement, businesses will consider incorporating measures to be eco-friendly to qualify for such investments.
In conclusion, international governing bodies have established green financing investment mechanisms to make it appealing for developed countries to be more eco-friendly in their operation. However, their primary goal of profit making and convenient cost reduction strategies make the developed countries keep contributing towards more global warming.