These are no ordinary times. Climate change has become an existential threat. As the world continues to procrastinate on planetary solution, climate change is gradually smouldering to a planetary crisis of monumental proportion. It is for this reason that International Court of Justice (ICJ) issued a landmark Advisory Court Opinion on the binding obligations of State Parties as well as legal consequences for violating these obligations.
Climate change is a market failure phenomenon associated to greenhouse gas (GHG) emissions that have negative effects on third parties, mainly people living in developing countries.
