Context:
International Carbon Market Standards agreed at Conference of Parties (CoP)-29 of UNFCCC in Baku.
Centralized Carbon Market under the UN:
- Significant step towards finalizing negotiations under Article 6 of the Paris Agreement
- It allows countries to voluntarily cooperate to achieve their climate targets by transferring carbon credits from greenhouse gas reductions.
Article 6 of the Paris Agreement:
- Enables countries to transfer carbon credits to help others meet climate targets.
- Allows trading of emission reductions/removals through bilateral or multilateral agreements.
- Traded credits are known as Internationally Transferred Mitigation Outcomes (ITMOs), measured in CO2 equivalent or other metrics.
- Establishes a global carbon market overseen by a UN entity called Article 6.4 Supervisory Body (6.4SB).
- Credits under this mechanism are called A6.4ERs and can be purchased by countries, companies, or individuals.
India’s Climate Change Commitments:
- Nationally Determined Contributions (NDCs) – As part of the Paris Agreement, India has committed to reducing the emissions intensity of its GDP by 45% below 2005 levels by 2030
- It also aims to achieving about 50% of its cumulative electric power installed capacity from non-fossil fuel-based energy sources by 2030, subject to international support.
- Decarbonisation Efforts – India’s climate strategy includes a comprehensive set of policies aimed at decarbonising its economy while addressing its developmental needs.
- This includes enhancing energy efficiency, increasing renewable energy capacity, and participating in international climate mechanisms like the Clean Development Mechanism (CDM).
- Net Zero Target – India has set a target to achieve net zero emissions by 2070.
Source: The Hindu
Previous Year Question
Consider the following;
1. Carbon monoxide
2. Nitrogen oxide
3. Ozone
4. Sulphur dioxide
Excess of which of the above in the environment is/are cause(s) of acid rain?
[UPSC Civil Services Exam – 2022 Prelims]
(a) 1, 2 and 3 only
(b) 2 and 4 only
(c) 4 only
(d) 1, 3 and 4 only
Answer: (b)
Explanation
Acid Rain refers to rain or any other form of precipitation that has a higher level of hydrogen ions .Oxides of sulphur and nitrogen which are acidic in nature are responsible for acid Rain. Thus carbon dioxide and ozone does not create acid rain.