Amid the ongoing climate talks in Azerbaijan, Environment Minister Bhupendra Yadav on Thursday (November 21, 2024) said that India is playing an important role in shaping the global climate system while maintaining its developmental priorities. Speaking at the 97th Annual General Meeting and Annual Conference of the Federation of Indian Chambers of Commerce and Industry (FICCI) on the topic 'Our Steps for a Developed India', Bhupendra Yadav underlined India's active role in shaping these global climate systems.
He said, 'Our initiative to promote carbon and green credits is in line with global climate goals. Along with this, India's developmental objectives are also being protected. Providing updates on COP29 in Baku, Bhupendra Yadav said that Article 6.4 will be fully implemented at the international level.
In a significant decision on the first day of global climate talks in Baku, COP 29 officially adopted new operating standards for the Paris Agreement mechanism under Article Six, setting the stage for a global carbon market. Regarding the ongoing negotiations on the carbon credit mechanism under Article 6 of the Paris Agreement, he said, 'Developed countries have pledged to offset their past emissions through technology transfer and financial assistance, but these remain key talking points. Are.'
Article 6 of the Paris Agreement deals with international cooperation to reduce carbon emissions. Environment Minister underlined India's leadership in global climate action as crucial talks continue at COP29 in Baku.
Bhupendra Yadav emphasized that the discussions at the COP (United Nations Climate) Summit focused on setting a new quantitative global target for emissions reduction based on the commitments made under the 2015 Paris Agreement. The Minister lauded India's achievements in meeting and exceeding climate targets.
He said, 'We committed to reduce our carbon emissions by 40 percent compared to 2005 levels and increase renewable energy capacity by 45 percent by 2030. Both these goals have already been achieved. He said that India has also set new, ambitious climate targets for 2030.
