Context:

• COP29 (Baku): Emphasized the importance of Article 6 of the Paris Agreement, particularly Article 6.2, which facilitates international cooperation on climate action.
• India’s Position: India is a major emitter but faces challenges in balancing development and climate commitments. It aims to reduce emissions intensity by 45% by 2030.

Article 6.2 and India’s Potential:

• Benefits for India:
  • Access to climate finance and technology from developed countries.
  • Support for domestic emissions reduction efforts through International Transferred Mitigation Outcomes (ITMOs).
  • Opportunity to showcase its expertise in renewable energy and sustainable development.
  • Potential to lead South-South cooperation by sharing knowledge and technology with other developing countries.

South-South Cooperation:

• Focus on Africa: India can partner with African nations, leveraging its expertise in renewable energy, sustainable agriculture, and digital tools.
• Benefits for Africa: Access to technology, capacity building, and financial resources to address climate change impacts.
• Alignment with SDGs: Promotes sustainable development and poverty reduction in partner countries.
• NCQG and Voluntary Contributions: Encourages South-South climate finance beyond traditional North-South dynamics.

Challenges and Considerations:

• Risk of shifting mitigation burden: Ensuring equitable benefit-sharing and avoiding over-reliance on ITMOs.
• Transparency and Governance: Establishing clear rules and mechanisms for ITMO tracking and verification.
• Alignment with national climate goals: Ensuring that ITMO transactions support India’s own climate targets and sustainable development objectives.

Way Forward:

• Focus on win-win partnerships: Building mutually beneficial collaborations with partner countries.
• Strengthening domestic institutions: Enhancing the capacity of institutions to manage ITMOs and participate in international carbon markets.
• Prioritizing capacity building: Investing in capacity building and technology transfer in partner countries.
• Promoting transparency and accountability in all ITMO transactions.

Overall, Article 6.2 presents a significant opportunity for India to play a leadership role in South-South climate cooperation, while also benefiting from international collaboration to achieve its own climate goals.