1st Phase: Rio to Kyoto

Leaders from across the world gathered in Rio de Janeiro (Brazil) in 1992 and started exploring the various fiscal and monetary instruments to reduce the ever-increasing emission of GHG gasses into the atmosphere and limit the earth’s temperature within a certain range in coming decades. After a lot of discussions and brainstorming, an international treaty was signed in Kyoto (Japan) in 1997 namely “The Kyoto Protocol”. The treaty was adopted and ratified by 192 countries excluding the United States of America.

2nd Phase: Paris to Glasgow

The years 2013 to 2015 were the years of stalemate between developed and developing countries. After the end of 1st commitment period, most of the Annex-1 countries along with the USA started stressing the developing countries to make larger pledges. In particular, China and India were at the center of discussion. Developing countries were in a big dilemma. The larger climate threat and more climate-vulnerability with regard to the impact of climate change compelled the developing countries to rethink their position; and they, consequently, agreed to play a greater role. Leaving the Kyoto Protocol behind, every country agreed to submit its national Green House Inventory to the UNFCCC platform and adoption of Paris Accord/Agreement.

COP-26-Glasgow; Scotland, 2022:

In COP-26 at Glasgow, all parties adopted the Paris rule book and committed to move towards a zero-carbon economy. Most of the countries, including China and USA, pledged to become net- zero by 2050. India has also pledged to become net-zero by 2070. Several Fortune 500 companies from various sectors such as software, data center operators, e-commerce, Oil & gas, mining and chemicals have also pledged to become net-zero in next two decades. The net- zero commitments made by all the countries (both developed and developing) and by the leading corporate houses, has once again brought in the much-needed traction in the carbon market.

Climate change is an inevitable and an urgent global challenge with long-term implications for the sustainable development of all the countries. Internationally agreed frameworks and goals have set an agenda for integrating climate change and sustainable development goals.