PM Modi's Green Credit Initiative at COP28 UAE

3 min read
PM Modi's Green Credit Initiative at COP28 UAE

What are COPs

The annual Conference of the Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC) serves as a global gathering focused on addressing climate issues. This international summit takes place regularly, unless the participating countries, known as the Parties, opt for a different arrangement. Currently, 198 Parties, consisting of 197 countries and the European Union, convene to collaborate on addressing climate change and devising solutions. India Is one of them.

What is COP28 UAE

COP28, the 28th United Nations Climate Change Conference or Conference of the Parties, is hosted in the United Arab Emirates. It is scheduled to occur from November 30 to December 12, 2023, hosted at Expo City in Dubai, United Arab Emirates. The conference is all about stopping the bad effects of climate change. This means we need to reduce the pollution that comes from greenhouse gases.

Speaking at the important part of the UN climate conference in Dubai, where leaders of countries gather, he mentioned that India has shown the world a good example of balancing development and taking care of the environment.

PM Modi urged balance in mitigating the impact and adapting the changes. They emphasized that the shift to cleaner energy globally should be fair and include everyone.

“The Earth is counting on us to secure its future. We must succeed, and we must make firm decisions,” PM Narendra Modi emphasized.

Prime Minister Narendra Modi introduced the Green Credit Initiative during the COP28 summit, and it received support from various global leaders present at the event. The leader emphasized how climate change affects countries in the Global South and said "The manner in which we give importance to our Health Card in life, we have to similarly start thinking in the context of the environment. We will have to see what is to be done to add positive points to Earth's Health Card. I think this is what Green Credit is."

What Are Green Credit Initiatives 

Initiated by the Ministry of Environment, Forest, and Climate Change on October 13, 2023, the Green Credit Initiative revolves around two primary focal points: water conservation and afforestation. Described by the environment ministry as a "market-based mechanism designed to incentivize voluntary environmental actions across diverse sectors by various stakeholders such as individuals, communities, private sector industries, and companies," this innovative program seeks to drive positive environmental change.

Within the framework of this initiative, specific environmental activities are allocated green credits, which function as tradable commodities. These green credits can be traded on domestic market platforms, creating a dynamic system that encourages and rewards environmental stewardship.

The core objective of the Green Credit Initiative is to stimulate voluntary environmental endeavors, encompassing activities like tree plantation, water conservation, sustainable agriculture, and waste management. By introducing incentives for major corporations and private companies, the initiative aims to catalyze a shift in the country's approach to climate issues, fostering a culture of proactive environmental responsibility.

The complete procedure, starting from registration to planting, verification, and the issuance of green credits, will be fully digitized. The Green Credits Initiative closely reflects the Green Credit Programme introduced domestically in October. This innovative market-driven approach aims to incentivize voluntary environmental efforts across diverse sectors, engaging individuals, communities, and the private sector.

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