From Climate Change to Climate Protection
The discourse around climate has shifted from “climate change” to “climate protection.” The planet’s climate has degraded beyond the point of simple mitigation. Our collective goal to limit global warming to 1.5ºC is under severe threat, with the average temperature rising by 0.3ºC annually. The consequences are dire:
- Wildfires like the Palisades/Eaton Fires in California.
- Glaciers melting at twice the speed compared to the past two decades. Between 2000 and 2019, glaciers lost an average of 267 gigatons of ice annually.
- Changing weather patterns wreaking havoc on ecosystems and economies.
Even if we limit warming to 1.5ºC, projections indicate that nearly 50% of the world’s glaciers could vanish by 2100 a grim reminder of the urgent need for action.
Development Versus Climate Change
Industrial development has been a double-edged sword, driving progress while significantly contributing to climate change. Since the Industrial Revolution, our reliance on fossil fuels has entrenched unsustainable practices.
How Development Fuels Climate Change
- Greenhouse Gas Emissions
Industrial processes and energy consumption release vast amounts of carbon dioxide and other greenhouse gases. - Air Pollution
Harmful industrial emissions degrade ecosystems and endanger human health. - Deforestation
Unchecked industrial expansion often leads to deforestation, escalating the risk of natural disasters and biodiversity loss.
Carbon Credits: A Game Changer
Carbon credits represent a revolutionary market-based mechanism to combat climate change. Each carbon credit equates to one metric ton of greenhouse gas (GHG) emissions reduced or removed from the atmosphere.
India and the Carbon Credit Market
India’s commitment to the Paris Agreement in 2016 signaled its determination to combat climate change. The country’s ambitious Nationally Determined Contributions (NDCs) include:
Reducing GHG emission intensity by 33-35% from 2005 levels by 2030.
Revising this target in 2022 to aim for a 45% reduction by 2030.
India’s Carbon Credit Trading Scheme (CCTS)
The Indian Carbon Market Framework operates through two primary mechanisms:
- Compliance Mechanism: Targets emissions from the energy and industrial sectors.
2. Offset Mechanism: Encourages voluntary GHG reduction actions from entities outside the compliance framework.
Key Sectors Identified:
- Energy
- Industry
- Agriculture
- Waste management
- Forestry
- Transport
- Fugitive emissions
- Construction
- Solvent use
- Carbon capture and storage (CCUS)
India’s Leadership Potential in Carbon Capture, Utilization, and Storage (CCUS)
Despite being one of the world’s fastest-growing economies, India’s annual per capita carbon emissions remain just one-third of the global average. This remarkable statistic highlights the nation’s potential to lead in climate action.
India’s Milestones
Achieved 40% cumulative electrical power capacity from non-fossil fuel sources by 2021—nine years ahead of schedule.
Reduced GDP emission intensity by 33% from 2005 levels by 2019, 11 years ahead of the 2030 target.
India’s Nature-Based Solutions (NBS) projects have drawn significant global interest. Multinational corporations are purchasing carbon credits generated by these projects, positioning India as a global leader in sustainability.
A Path Forward
As the world grapples with the escalating impacts of climate change, India’s innovative policies, ambitious targets, and thriving carbon market offer a blueprint for global action. By capitalizing on its potential in carbon sequestration and leveraging market-based mechanisms like carbon credits, India can play a pivotal role in steering the planet towards a net-zero future.
The clock is ticking. Let’s ensure that India’s tale of the carbon sink becomes a story of success, resilience, and global leadership.
Sources:
EPA
UNU Education
BEE India
Pib.gov.in
Disclaimer: Above content does not constitute any legal advice and is only provided for educational purpose.
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