Authors: Md Mirja Galib, Soumyadip Roy, Shilpi Pal, Payel Mondal, Sarbani Ganguly
Abstract: The rapid increase in global CO2 emissions since 1950 has led to a surge in weather- and climate-related disasters worldwide. To address this, the United Nations Framework Convention on Climate Change (UNFCCC) was established in 1992, aiming to stabilize greenhouse gas (GHG) emissions. The Kyoto Protocol introduced the Clean Development Mechanism (CDM), incentivizing both developed and developing nations to reduce emissions. Through the trading of carbon credits, CDM projects aim to mitigate climate change while fostering sustainable development. However, despite its goals, Asia and the Pacific regions dominate CDM projects, with limited participation from Africa. India's success in CDM projects fluctuated over time, with challenges persisting due to the CDM system's crisis. Despite uncertainties surrounding its future, the CDM's legacy in promoting emissions reductions and sustainable development remains significant. Transitioning to the Sustainable Development Mechanism (SDM) under the Paris Agreement poses challenges and opportunities for international climate cooperation and sustainable development efforts, particularly for countries like India
