GS Question

The pursuit of carbon credits and clean development mechanisms (CDM) under the United Nations Framework Convention on Climate Change (UNFCCC) should indeed be maintained, despite the decline in the value of carbon credits. It is important to consider India's energy needs for economic growth in this context.

Firstly, carbon credits and CDM provide incentives for developing countries like India to adopt cleaner and sustainable energy practices. By participating in these mechanisms, India can access funds, technology transfers, and expertise from developed countries to support its transition towards low-carbon economic growth. This helps India address its energy needs while reducing greenhouse gas emissions and tackling climate change.

Secondly, although the value of carbon credits has decreased in recent years, this decline does not undermine the broader goals and potential benefits of CDM. The value of carbon credits fluctuates due to various factors, including changes in supply and demand dynamics, policy uncertainties, and market conditions. It is a temporary setback that can be addressed by implementing reforms to improve the effectiveness, transparency, and credibility of the carbon market.

Furthermore, India's energy needs for economic growth should not solely rely on carbon credits and CDM. The country has vast renewable energy potential, especially in solar and wind power. Increasing investment in renewable energy infrastructure can help India meet its growing energy demand while reducing dependence on fossil fuels and contributing to sustainable development. Additionally, focusing on energy efficiency measures and promoting cleaner industries can also play a significant role in reducing emissions.

Lastly, India is one of the world's largest emitters of greenhouse gases, and addressing climate change is crucial for its long-term sustainable development. By actively participating in carbon credits and CDM, India can demonstrate its commitment to global climate action, attract international investments, and access clean technologies. The pursuit of carbon credits aligns with India's goals of reducing emissions, improving air quality, and achieving energy security.

In conclusion, despite the decline in the value of carbon credits, the pursuit of carbon credits and clean development mechanisms set up under UNFCCC should be maintained. These mechanisms provide incentives for developing countries like India to adopt sustainable energy practices, access funds and technology transfers, and address climate change. India's energy needs for economic growth can be met by diversifying its energy sources, investing in renewable energy, and implementing energy-efficient measures, alongside participating in carbon credits and CDM.