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Directions: Read the passage carefully and answer the question that follow.
The climate change crisis has now reached every country; extreme weather events are costing all economies. It is clear that the world is failing by many marks to reduce greenhouse gas emissions. So, the idea that is gaining traction, once again, is to build a carbon market that will allow countries and companies to buy credits by doing all things good—from planting trees to distributing clean cookstoves to investing in renewable energy. This market would put a price on every tonne of carbon dioxide or the equivalent greenhouse gas avoided, reduced or sequestered, which can then be used to offset emissions of companies and countries.
It is simple in some ways; complicated in others. Because of this carbon market, you will be able to pick up a luxury bag that is labelled “carbon-neutral”; or take a flight that has “offset” your emissions; or even read about an oil or food company that has declared a “net-carbon footprint”. You may wonder how. These items and companies become carbon-neutral by “buying” credits—these credits are issued against activities that either reduce greenhouse gas emissions (like building a solar plant or using an efficient cookstove) or remove greenhouse gases from the atmosphere (for instance, by planting trees). The management of this “market” of buyers and sellers is done through a paraphernalia of registries, project developers, validators, verifiers and carbon exchanges.
The idea of carbon credit began in the first decade of the 2000s, after the Kyoto Protocol, set up under the UN Framework Convention on Climate Change (UNFCCC), entered into force. Countries agreed to set up the Clean Development Mechanism (CDM) for the purchase of carbon credits from developing countries. But with the end of the Kyoto Protocol, this market dried up. It was replaced by an unregulated global market of buyers and sellers, called the voluntary carbon market.
It is hoped that soon there will be an internationally negotiated agreement for an official carbon market. At the next Conference of the Parties (COP28) to the UNFCCC to be held from November 30 to December 12, discussion on the Article on creating the rules for the carbon market (Article 6 of the Paris Agreement of 2015) is top billed. Once these rules are finalised, there will be a public registry of all projects and countries will be allowed to trade either bilaterally (under Article 6.2) or through a global programme like what existed earlier under CDM (under Article 6.4).
This is an important way to move ahead. Countries, including India, need financing to transition to a low-carbon energy system, and the buying and selling of carbon credits will provide that investment.
[From an Editorial Published in..Down to Earth on October 6, 2023 named ‘ Men in Black’]
Q: What is the primary objective of the proposed carbon market discussed in the passage?
(a) To provide a platform for luxury goods to be labeled as "carbon-neutral"
(b) To facilitate the transition of countries to a low-carbon energy system through financing
(c) To create a system for companies to declare their net-carbon footprint
(d) To promote the use of efficient cookstoves globally
Ans:
(b)
Sol: The passage emphasizes the role of the carbon market in addressing climate change by allowing countries and companies to buy credits for activities that reduce or remove greenhouse gases. The main aim of this market is to put a price on carbon emissions, making it financially viable to invest in projects that lower greenhouse gas emissions or sequester them. This mechanism not only encourages the reduction of emissions but also provides necessary financing for countries, including India, to transition to a low-carbon energy system. While the passage mentions carbon-neutral products and companies buying credits, these are secondary aspects of the carbon market. The core purpose is to drive financial investments into low-carbon initiatives, aligning with option B.

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Ans. The main idea of the article is to discuss frequently asked questions (FAQs) and their answers related to the given article title and exam.
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