Fair trade: On the 29th COP and India’s carbon market
India must develop a transparent carbon trade policyAhead of the 29th edition of the Conference of Parties in Baku, Azerbaijan, next month, there is renewed energy in government circles to accelerate Indian industry’s transition to carbon markets. While the broader theme of this edition of the COP is increasing ambition 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 under which carbon markets — or the enabling of trading of prevented greenhouse gas emissions among countries —can be operationalised. Carbon markets incentivise 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, 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 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 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 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 enforcement, formally kick-start India’s carbon market. However, this will invite complex calculations and, given the experience of a energy-efficiency trading scheme, run the risk of not exerting enough pressure on companies to comply. While calculating carbon saved is a fraught 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
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Transparent (adjective) – Clear, open, unambiguous
पारदर्शी
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Accelerate (verb) – Speed up, Hasten, Quicken, Expedite, Rush
तेज़ करना
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Transition (noun) – Shift, change, transformation, metamorphosis
परिवर्तन
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Ambition (noun) – aspiration, goal, desire, objective
महत्वाकांक्षा
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Lay the contour (phrase) – Define the framework, outline the structure, set the boundaries, establish the parameters, shape the framework
रूपरेखा बनाना
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Enable (verb) – Give someone the authority or means to do something
सक्षम करना
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Greenhouse gas emission (noun) – The release of gases that trap heat in the atmosphere, contributing to global warming.
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Operationalise (verb) – Implement, execute, activate, put into action, make operational
कार्यान्वित करना
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Incentivise (verb) – boost, encourage, stimulate, promote
प्रोत्साहित करना
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Carbon credit (noun) – It permits that allow the owner to emit a certain amount of carbon dioxide or other greenhouse gases (GHGs). One credit allows the emission of one ton of carbon dioxide or the equivalent of other greenhouse gases.
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Switch (verb) – change, exchange, swap, shift,
बदलना
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Renewable energy (noun) – energy derived from natural sources that are replenished at a higher rate than they are consumed.
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Carbon stock (noun) – the amount of carbon that is stored in a habitat at a specific time. It can also refer to the physical storage of carbon in wood products.
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Ecosystem (noun) – Environment, habitat, biosphere, ecology, system
पारिस्थितिकी तंत्र
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Subsection (noun) – Section, part, division, segment, category
उपखंड
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Mechanism (noun) – Process, procedure, operation, system, method
तंत्र
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Bilateral (adjective) – Involving two parties, especially countries.
द्विपक्षीय
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Come into existence (phrase) – Emerge, arise, materialize, be formed, originate
अस्तित्व में आना
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Decade (noun) – A period of 10 years
दशक
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Plague (with) (verb) – Afflict, torment, trouble, bedevil, beset
परेशान करना
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Opacity (noun) – Obscurity, non-transparency, incomprehensibility, ambiguity
अस्पष्टता
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Criticism (noun) – censure, condemnation, critique, disapproval
आलोचना
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Illusion (noun) – Mirage, fantasy, delusion, hallucination, false impression,
भ्रम
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Optimism (noun) – hope, hopefulness, confidence, expectation
आशावाद
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Resolution (noun) – the act of solving or ending a problem or difficulty:
समाधान
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Voluntary (adjective) – intended, intentional, deliberate
स्वैच्छिक
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Commitment (noun) – A pledge or undertaking. प्रतिबद्धता
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Stand to gain (phrase) – Have the potential to benefit, likely to profit, positioned to receive, set to earn, poised to gain
लाभ उठाने की स्थिति में
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Host (noun) – Organizer, presenter, venue, host country, facilitator
आयोजक
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Mushrooming (noun) – very rapid growth, expansion, or development.
तेजी से वृद्धि
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Set up (phrasal verb) – establishment, creation, inauguration
स्थापित करना
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Reportedly (adverb) – supposedly, seemingly, apparently, allegedly
कथित तौर पर
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So-called (adjective) – supposed, alleged, presumed, ostensible
तथाकथित
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Meet (verb) – fulfil, achieve, accomplish
पूरा करना
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Enforcement (noun) – Implementation, execution, application, imposition, administration
प्रवर्तन
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Kick-start (verb) – revive, revitalize, renew, regenerate, restore,
शुरू करना
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Given (preposition) – considering, taking into consideration, taking into account
देखते हुए
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Run a risk (phrase) – Take a chance, expose oneself to danger, hazard, put in jeopardy, take a risk
जोखिम उठाना
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Exert (verb) – Apply, use, exercise, wield, deploy
लागू करना
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Comply with (phrasal verb) – Adhere to, abide by, follow
पालन करना
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Fraught (adjective) – Tense, anxious, uptight, troubled, apprehensive
थका देने वाला
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On a par with (phrase) – Equal to, comparable to, on the same level as, equivalent to, matching
के बराबर