Current Affair 1:

News:

The 29th Conference of Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) being held in Baku saw the adoption of Article 6 of the Paris Agreement after nine intense years of negotiations.

Article 6 of the Paris Agreement allows countries to voluntarily cooperate to implement their Nationally Determined Contributions (NDCs).

While Article 6.2 is a decentralized system involving a bilateral agreement between two countries for trading carbon credits generated from emission reduction (like clean cookstoves) or removal (afforestation projects), Article 6.4 will set up a global carbon market. A carbon credit represents 1 tonne of CO2e that is reduced or removed.

The Paris Agreement is a legally binding international treaty on climate change. It was adopted by 196 Parties at the UN Climate Change Conference (COP21) in Paris, France, on 12 December 2015. It entered into force on 4 November 2016.   Its overarching goal is to hold “the increase in the global average temperature to well below 2°C above pre-industrial levels” and pursue efforts “to limit the temperature increase to 1.5°C above pre-industrial levels.”

 

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