India, May 27 -- The Paris Agreement, adopted in 2015 under the United Nations Framework Convention on Climate Change (UNFCCC), represents a historic effort to combat the climate crisis through collective global action. Its central objective lies in limiting global temperature rise to below 2degC" above pre-industrial levels, with an aspirational target of 1.5degC. The agreement, ratified by 196 parties, relies on Nationally Determined Contributions (NDCs), which outline each country's climate action plans and commitments.

To facilitate cost-effective emissions reductions, the Paris Agreement incorporates market-based mechanisms under Article 6. These mechanisms are designed to promote international cooperation and investment in sustaina...