What is Green Credit Initiative, launched by PM Modi at COP28 climate summit in Dubai?
Prime Minister Narendra Modi on Friday attended the World Climate Action Summit of the Conference of Parties-28 (COP28 summit) in Dubai, wrapping up his day-long visit to the United Arab Emirates (UAE) by launching the Green Credit Initiative.
Modi, along with Sweden’s PM Ulf Kristersson, President of Mozambique Filipe Jacinto Nyusi and European Council president Charles Michel, launched the web portal of the Green Credits Programme at the COP28 World Climate Action Summit in Dubai.
The prime minister highlighted the impact of climate change on the Global South and said at COP28, “The manner in which we give importance to our Health Card in life, we have to similarly start thinking in the context of 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 is Green Credit Initiative?
The Green Credit Initiative was first introduced by the ministry of environment, forest and climate change on October 13, 2023. There are two main priorities of the initiative – water conservation and afforestation.
The environment ministry defined the initiative as a “market-based mechanism designed to incentivize voluntary environmental actions across diverse sectors by various stakeholders like individuals, communities, private sector industries, and companies.”
Under this scheme, green credits will be assigned to specific environmental activities, and will be treated as tradable commodities. These green credits will be able to be sold on domestic market platforms.
The main purpose of this initiative is to boost voluntary environmental activities like tree plantation, water conservation, sustainable agriculture, and waste management by incentivizing it for big corporations and private companies, bringing about a change in the climate issues faced by the country.
While launching the web portal for the scheme at COP28, PM Modi said, “The manner in which we give importance to our Health Card in life, we have to similarly start thinking in the context of 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.”