Hindi English Translation || Editorial || ​Fair trade: On the 29th COP and India’s carbon market

​Fair trade: On the 29th COP and India’s carbon market

India must develop a transparent carbon trade policy

Ahead of the 29th edition of the Conference of Parties in Baku, Azerbaijan, next month, there is renewed energy in government circles to accelerate (तेज करना) Indian industry’s transition (संक्रमण, परिवर्तनकाल) to carbon markets. While the broader theme of this edition of the COP is increasing ambition (महत्वाकांक्षा) on climate finance, a key item on the agenda is clarity on carbon markets. A specific section under the Paris Climate Agreement of 2015, called Article 6, lays the contours (रूपरेखा, आकृति) under which carbon markets — or the enabling of trading of prevented greenhouse gas emissions among countries —can be operationalised. Carbon markets incentivise (प्रोत्साहित करना) climate action by enabling parties to trade in carbon credits generated by the reduction or removal of greenhouse gases from the atmosphere, such as by switching from fossil fuels to renewable energy or enhancing or conserving carbon stocks in ecosystems such as forests. Subsections within Article 6 provide guidelines on what kinds of carbon-reduction activities and verification mechanisms are permissible (अनुमत, अनुमेय), and how countries may enter into bilateral agreements so that emission reductions in one country may be legally claimed by another.

While carbon markets came into existence nearly two decades ago, they have been plagued by opacity (अस्पष्टता) and criticism that they only created the illusion of emission reductions. Although such markets have revived, confusion remains about how credits may be verified. There is optimism that Baku may see a final resolution of this problem and that the first legal credits may begin to be claimed by countries next year. India, due to its voluntary commitment (प्रतिबद्धता) to generate half its electricity from non-fossil energy sources by 2030, stands to gain as a host of several carbon-reduction projects. Additionally, there are also mushrooming private sector enterprises in India setting up innovative (नवीन, अभिनव) forestry projects that reportedly lock carbon and can be claimed as credits by multinational companies, traded through so-called voluntary carbon markets. India’s iron and steel industries are among the nine types of industries expected to meet emission intensity standards by 2025. By restricting the amount of carbon per unit of production, this will, depending on regulatory (विनियामक) enforcement, formally kick-start India’s carbon market. However, this will invite complex calculations and, given the experience of a related energy-efficiency trading scheme, run the risk of not exerting (प्रयास करना) enough pressure on companies to comply. While calculating carbon saved is a fraught (Filled with something, especially negative emotions) exercise, India must aim, through its research institutions and authorities, to evolve a transparent and fair policy that is on a par with the best internationally.

Courtesy: The Hindu

Important Word List With Meaning

1.Accelerate (Verb)

Hindi Meaning - तेज करना
English Meaning - To increase speed or make something happen faster.

2.Transition (Noun)

Hindi Meaning - संक्रमण, परिवर्तनकाल
English Meaning - The process or period of changing from one state to another.

3.Ambition (Noun)

Hindi Meaning - महत्वाकांक्षा
English Meaning - A strong desire to achieve something.

4.Contours (Noun)

Hindi Meaning - रूपरेखा, आकृति
English Meaning - The outline or shape of something.

5.Incentivise (Verb)

Hindi Meaning - प्रोत्साहित करना
English Meaning - To provide motivation or encouragement.

6.Permissible (Adjective)

Hindi Meaning - अनुमत, अनुमेय
English Meaning - Allowed or acceptable.

7.Opacity (Noun)

Hindi Meaning - अस्पष्टता
English Meaning - Lack of transparency or clarity.

8.Commitment (Verb)

Hindi Meaning - प्रतिबद्धता
English Meaning - A dedication or pledge to a cause or activity.

9.Exert (Verb)

Hindi Meaning - प्रयास करना
English Meaning - To apply or put forth effort.

10.Regulatory (Adjective)

Hindi Meaning - विनियामक
English Meaning - Related to rules or control.

11.Innovative (Adjective)

Hindi Meaning - नवीन, अभिनव
English Meaning - Introducing new ideas or methods.

12.Fraught (Adjective)

English Meaning - Filled with something, especially negative emotions.