The Noahic Covenant is a promise made by God to Noah after the great flood. In this covenant, God assures Noah that He will never again destroy the earth with a flood. As a sign of this promise, God places a rainbow in the sky, symbolizing hope and peace for all living creatures. This covenant is significant because it establishes a relationship between God and humanity, emphasizing the importance of stewardship over the earth. It also highlights the value of life, as God commands Noah and his descendants to multiply and fill the earth, ensuring the continuation of creation.