New Delhi, Nov 21 (PTI) India is playing a pivotal role in shaping global climate mechanisms while ensuring its own developmental priorities are upheld, Environment Minister Bhupendra Yadav stated on Thursday, amidst the ongoing climate talks in Azerbaijan.

Speaking at the 97th Annual General Meeting and Annual Convention of the Federation of Indian Chambers of Commerce & Industry (FICCI) under the theme 'Our Actions for Viksit Bharat' here, the minister also highlighted India's active role in shaping these global climate mechanisms, alongside its efforts to ensure that domestic priorities remain central to its approach.

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"Our initiatives to promote carbon and green credits align with global climate goals, while safeguarding India's developmental objectives,” he noted.

Providing updates on the ongoing COP29 in Baku, the minister revealed that Article 6.4 will be fully implemented at the international level.

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In a landmark decision on the first day of the global climate talks in Baku, COP29 officially adopted the new operational standards for a mechanism of the Paris Agreement under Article 6, setting the stage for a global carbon market.

"Further discussions will focus on determining its baseline, additionality, surplus demand, leakage, and non-performance within the system, which will be considered in the upcoming year as decided in this conference," he said

"Developed nations had pledged to compensate for their historical emissions through technology transfer and financial support, but these remain key points of negotiation," he said, highlighting the ongoing dialogue on carbon credit mechanisms under Article 6 of the Paris Agreement.

Article 6 of the Paris Agreement facilitates international collaboration to lower carbon emissions.

The environment minister underscored India's leadership in global climate action, even as critical negotiations continued at COP29 in Baku.

The minister emphasised that discussions at the COP summit are focused on establishing a new quantifiable global goal for emission reductions, building on the commitments made under the 2015 Paris Agreement.

The minister lauded India's achievements in meeting and exceeding its climate goals.

"We committed to reducing our carbon emissions intensity by 40% compared to 2005 levels and increasing renewable energy capacity by 45% by 2030. Both these targets have been achieved well in advance," he stated, adding that India has also set new, ambitious climate goals for 2030.

He also highlighted India's leadership in adopting green credit initiatives.

"We have launched the Green Credit Program to incentivise industries and PSUs for environmental conservation. The pilot phase covered over 47,000 hectares of land with the active participation of 22 PSUs, using the newly launched Green Credit Portal," he informed the audience.

The minister stressed the need for sustainable consumption and production patterns, referencing India's leadership in promoting a circular economy.

"India's per capita carbon emissions are among the lowest in the world, accounting for just 4% of global emissions despite having 17% of the global population. Developed nations must emulate sustainable consumption models like ours," he said

He outlined key initiatives under the Ministry of Environment and Forests, including waste management regulations for sectors like lithium-ion batteries, e-waste, and end-of-life vehicles.

"Our Extended Producer Responsibility framework has been strengthened to improve waste collection and recycling, with startups and infrastructure playing a crucial role," he said.

Underscoring the importance of a sustainable lifestyle, the minister said, "The world must transition from mindless consumption to mindful utilization of resources. This is the essence of our Mission LiFE initiative, which aims to promote sustainable practices at every level." PTI UZM

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