Consider the following statements: Statement-I: Carbon markets are likely to be one of the most widespread tools in the fight against climate change. Statement-II: Carbon markets transfer resources from the private sector to the State. Which one of the following is correct in respect of the above statements?
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A hard Environment multiple-choice question from UPSC Prelims 2023. Attempt it above, then check the correct answer and detailed explanation below.
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Correct answer: C. Statement-I is correct but Statement-II is incorrect
Statement-I is correct — carbon markets are expected to be a widespread climate tool. Statement-II is incorrect — carbon markets facilitate trading of emission allowances/credits among participants, not a transfer of resources from the private sector to the State.
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