Consider the following statements [Government programs & schemes]

Statement I: Article 6 of the Paris Agreement on climate change is frequently discussed in global discussions on sustainable development and climate change.

Statement II: Article 6 of the Paris Agreement on climate change sets out the principles of carbon markets.

Statement III: Article 6 of the Paris Agreement on climate change intends to promote inter-country non-market strategies to reach their climate targets.

Which one of the following is correct in respect of the above statements?

The correct option is: Both Statement II and Statement III are correct and both of them explain Statement I.

Step-by-step Explanation:

1. Understanding Statement I:
Statement I states that Article 6 of the Paris Agreement is frequently discussed in global discussions on sustainable development and climate change. This statement is correct. Article 6 is a key component of the Paris Agreement that enables international cooperation to meet climate targets, making it a central point of discussion in global climate policy and sustainable development forums.

2. Understanding Statement II:
Statement II states that Article 6 of the Paris Agreement sets out the principles of carbon markets. This statement is correct. Specifically, Articles 6.2 and 6.4 establish frameworks for market-based approaches, allowing countries to trade greenhouse gas emission reductions (internationally transferred mitigation outcomes, or ITMOs) to help meet their Nationally Determined Contributions (NDCs).

3. Understanding Statement III:
Statement III states that Article 6 of the Paris Agreement intends to promote inter-country non-market strategies to reach their climate targets. This statement is also correct. Specifically, Article 6.8 provides a framework for non-market approaches (NMAs), facilitating cooperation through finance, technology transfer, and capacity-building without relying on carbon trading.

4. How Statement II and Statement III explain Statement I:
Because Article 6 contains provisions for both market-based mechanisms (carbon markets as mentioned in Statement II) and non-market approaches (as mentioned in Statement III), it covers the full spectrum of cooperative instruments that countries can use to achieve their climate targets. Consequently, these dual mechanisms (market and non-market) are the precise reasons why Article 6 is so frequently and actively discussed in global sustainable development and climate change negotiations. Thus, both Statement II and Statement III are correct, and both serve to explain the significance and frequent discussion of Statement I.