Statement I: Article 6 of the Paris Agreement on climate change is frequently discussed in global discussions on sustainable development and climate change.
Statement II: Article 6 of the Paris Agreement on climate change sets out the principles of carbon markets.
Statement III: Article 6 of the Paris Agreement on climate change intends to promote inter-country non-market strategies to reach their climate targets.
Which one of the following is correct in respect of the above statements?
(a) Both Statement II and Statement III are correct and both of them explain Statement I
(b) Both Statement II and Statement III are correct but only one of them explains Statement I
(c) Only one of the Statements II and III is correct and that explains Statement I
(d) Neither Statement II nor Statement III is correct
Ans-a
Explanation
Article 6 of the Paris Agreement sets out the principles for carbon markets.
Article 6.2 It enables countries to make mutual agreements that permit them to generate and transfer emission reduction units—known as Internationally Transferred Mitigation Outcomes (ITMOs).
Article 6.4 establishes a global carbon market overseen by the UN body called “Article 6.4 Supervisory Body”. It’s a multilateral mechanism that replaces the old Clean Development Mechanism, thus effectively establishing an international carbon market within the scope of the Paris Agreement.
Article 6.8 Non-market mechanisms refer to strategies that are not based on offset markets or emissions trading and include ways other than utilizing carbon markets for cooperation to reduce emissions and fulfil NDCs. These may include technology transfer, capacity building, policy support, mitigation and adaptation finance.
Advocates of NMAs have often argued that marketbased approaches under Article 6.2 and 6.4 do not serve any purpose on mitigation as offsetting does not seek to achieve overall emission reductions. Meanwhile, if any mitigation action has to be supported through cooperative action, it could only come through non-market approaches.
Both statements 2 &3 are correct and both of them explain Statement I
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