Recent developments in climate change-related negotiations indicate that there are emerging conflicts of interest between Small Island Developing States (SIDS) and emerging powers like India and China. Emerging powers have to address their developmental concerns while pursuing aspirations related to leadership in global governance. To take a leadership role in global governance structures relating to climate change, emerging powers need to pursue their interests while accommodating the concerns of their potential followers, which include SIDS. Increased conflict of interests between emerging powers and other sets of vulnerable countries could lead to adverse implications for the North–South divide in international environmental relations, which in turn will impact their leadership aspirations. Using the example of leadership in international relations and the statements made by the SIDS at COP26, this article concludes that the existing situation presents a challenge as well as an opportunity for emerging powers like India to take a leadership role in a reformed new world order.