Green Development Pact
- At the 18th G20 (Group of Twenty) Summit, held in 2023 in New Delhi, the Green Development Pact was signed. It is a part of New Delhi Leaders’ Declaration, adopted at the 18th G20 summit.
- The important pillars/features of the pact are:
- Pledge to reduce greenhouse gas emissions by 43% by 2030, compared to 2019 levels
- Nations urged to align their NDCs with Paris Agreement goals
- Commitment to achieve carbon neutrality by mid-century
- Lifestyles for Sustainable Development (LiFE) necessary to ensure emission reduction by 2030
- Climate finance, circular economy, and blue economy
- Disaster risk reduction
Carbon Credit Trading
- A single carbon credit represents the removal or avoided emission of one ton of CO2 or another greenhouse gas like methane of equivalent volume.
- These credits can be sold to entities to claim as reductions in their emissions.
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