The Equity in Sustainability: Unravelling Financial Realities and Global South Perspective on Mitigating Carbon Emission

Abstract

The economics of environmental sustainability is embedded in several tragic dilemmas, underscoring the inefficiency of contemporary socio-economic structure that has failed to provide prior consideration to the issues related to protecting the socially excluded and marginalized community. The study scrutinizes how corporate giants favour the commercial aspects of development, promoting a mercantile logic of meritocracy and capitalistic zeal of accumulating wealth, neglecting the social component of sustainability and subsistence. Emphasizing the symbiotic nature of environmental sustainability, the article advocates the significance of constructing a value system that transcends instrumental reasoning to support an intrinsic value of ecologism – focusing on the innate correlation between nature and human civilization, demanding not only the transformation of the financial and economic pattern of consumption but also coercing us to rethink our value system in favour of prioritizing the subsistence rights of poor and marginalized societies. Therefore, the primary objective of the article is to analyze the financial aspects of reducing carbon emissions along with evaluating the perspective of the global south in restoring the balance between sustainability and material inequality, adopting an interpretive approach to evolve a deep and nuanced understanding of the phenomenon of our discussion.