Answer:

Introduction:

The pursuit of carbon credits and clean development mechanisms (CDM) established under the United Nations Framework Convention on Climate Change (UNFCCC) is a crucial step towards mitigating climate change. The decline in the value of carbon credits has raised questions about their effectiveness in promoting sustainable development and clean energy.

• Benefits of Carbon Credits and CDMs:
  • Carbon credits and CDMs incentivize companies to reduce their carbon footprint, leading to a reduction in greenhouse gas emissions.
  • They provide a cost-effective way for developing countries to reduce their carbon emissions.
  • They can generate revenue for companies through the sale of carbon credits.
• Challenges of Carbon Credits and CDMs:
  • The value of carbon credits has drastically declined in recent years, making it less attractive for companies to invest in carbon reduction projects.
  • The process of obtaining carbon credits and CDMs can be time-consuming and expensive.
  • The focus on carbon credits and CDMs can detract from other important initiatives to reduce carbon emissions.
• India’s Energy Needs for Economic Growth:
  • India is a rapidly growing economy and requires energy to fuel its development.
  • While India is committed to reducing its carbon emissions, it cannot do so at the cost of economic growth.
  • India needs to balance its energy needs with its commitment to reducing carbon emissions.

Conclusion:

India’s energy needs for economic growth require a balanced approach that addresses climate change while ensuring sustainable development. While carbon credits and CDMs can play a significant role, they need to be re-evaluated and strengthened to ensure they incentivize the transition to clean energy and promote sustainable development.