Daily Current Affairs : 11-November-2024
At the COP29 climate summit in Azerbaijan, countries are set to finalize the rules for a global carbon offset trading system under Article 6 of the Paris Agreement. This system aims to enhance international cooperation in reducing greenhouse gas emissions. The discussions will focus on how to make carbon offset programs more effective and transparent, enabling nations to meet their climate goals.
What Are Carbon Offsets?
Carbon offsets are mechanisms that allow governments or companies to “offset” their own greenhouse gas emissions by funding emission reduction projects in other places. This helps countries or organizations reduce their overall environmental impact, especially when it’s difficult to cut emissions directly within their own borders.
Examples of Carbon Offset Projects:
- Solar installations: These generate clean energy, reducing reliance on fossil fuels.
- Electric vehicle adoption: This reduces emissions from transportation.
- Mangrove restoration: Protecting and restoring mangroves captures carbon and improves local ecosystems.
The goal of these projects is to support global emission reduction targets and help finance climate initiatives, especially in developing nations that may struggle to fund their own climate actions.
Article 6 of the Paris Agreement
Article 6 of the Paris Agreement provides a framework for countries to cooperate in reducing emissions through carbon trading systems. The article includes two key mechanisms:
- Article 6.2: Allows bilateral agreements between countries for trading carbon credits.
- Article 6.4: Establishes a centralized, UN-managed carbon credit trading system.
These systems are designed to drive climate finance to developing countries and help nations meet their Nationally Determined Contributions (NDCs), which are their climate action targets.
Progress So Far
Over the years, there have been significant developments:
- COP26 (Glasgow): A broad framework for carbon credit trading was established.
- COP28 (Dubai): The UN-managed carbon trading system was not fully operationalized, and bilateral trading rules remained unclear.
Current Status and Concerns
Currently, 91 bilateral agreements have been made across 56 countries. However, some issues remain unresolved:
- Double-counting: There are concerns that emissions reductions could be counted more than once, reducing the system’s credibility.
- Credit verification: Ensuring that credits are legitimate and that the emission reductions are real and additional is a challenge.
As countries work towards finalizing these rules at COP29, the success of this global carbon offset system will depend on addressing these concerns and ensuring a fair and transparent process.
Important Points:
- COP29 Focus: Finalizing rules for a global carbon offset trading system under Article 6 of the Paris Agreement to enhance international cooperation in emission reductions.
- Carbon Offsets Definition: Mechanisms that allow governments or companies to offset their greenhouse gas emissions by funding emission reduction projects elsewhere.
- Examples of Carbon Offset Projects:
- Solar installations
- Electric vehicle adoption
- Mangrove restoration
- Purpose of Carbon Offsets: Support global emission reduction goals and facilitate climate finance, especially for developing countries.
- Article 6 of the Paris Agreement:
- Article 6.2: Bilateral agreements for trading carbon credits between countries.
- Article 6.4: A UN-managed centralized carbon trading system.
- Significance: Drives climate finance to developing countries and helps countries meet their Nationally Determined Contributions (NDCs).
- Key Decisions:
- COP26 (Glasgow): Established a broad framework for carbon credit trading.
- COP28 (Dubai): Did not operationalize the central trading system or clarify bilateral trading rules.
- Current Status:
- 91 bilateral agreements across 56 countries.
- Ongoing concerns about double-counting and the robustness of credit verification.
Why In News
At the COP29 climate summit in Azerbaijan, countries aim to finalize the rules for a global carbon offset trading system under Article 6 of the Paris Agreement, with the goal of enhancing international cooperation in emission reductions and ensuring a transparent, efficient mechanism to help nations achieve their climate targets. This collaborative effort is crucial for scaling up global climate action and driving financial support to countries in need of funding for emissions reduction projects.
MCQs about Advancing Climate Action at COP29
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What is the primary goal of the carbon offset trading system discussed at COP29?
A. To reduce the cost of renewable energy
B. To help countries meet their Nationally Determined Contributions (NDCs)
C. To promote electric vehicle adoption worldwide
D. To regulate the use of fossil fuels in the global market
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Which of the following is NOT an example of a carbon offset project?
A. Solar installations
B. Electric vehicle adoption
C. Mangrove restoration
D. Building new coal power plants
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What are the two key mechanisms under Article 6 of the Paris Agreement?
A. Carbon tax and carbon trading
B. Bilateral agreements and centralized carbon trading system
C. Solar power subsidies and emissions caps
D. Renewable energy credits and carbon credits
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What was a major concern raised during the discussions about the global carbon offset system?
A. The overproduction of renewable energy
B. The risk of double-counting emissions reductions
C. The lack of electric vehicle infrastructure
D. The high costs of implementing solar power
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