What Is Green Credit Initiative That PM Modi Unveiled At COP28 Climate Summit In Dubai?

by Shreya Rathod
What Is Green Credit Initiative That PM Modi Unveiled At COP28 Climate Summit In Dubai?

Prime Minister Narendra Modi launched the Green Credit Initiative in Dubai. This was done after attending the Conference of Parties-28 (COP28) World Climate Action Summit in Dubai on Friday. Here is all about the Green Credits initiative and how it will help the environment.

PM Modi Unveiled Green Credits Initiative

At the COP28 World Climate Action Summit in Dubai, Modi, the president of the European Council, Filipe Jacinto Nyusi, the prime minister of Mozambique, and Sweden’s Ulf Kristersson launched the Green Credits Programme’s website. In an attempt to establish a global market for green credits akin to the one that exists for carbon credits, Prime Minister Modi presented the idea to the world at COP28.

During COP28, the prime minister emphasised how climate change affects the Global South. He stated that they need to begin thinking about the environment in the same way that they prioritise their health card in life. They will have to see what can be done to improve Earth’s Health Card’s score. According to him, this is what green credit entails.

On October 13, 2023, the Ministry of Environment, Forests, and Climate Change unveiled the Green Credit Initiative for the first time. The initiative’s two main goals are afforestation and water conservation. The initiative was described by the environment ministry as a market-based mechanism intended to encourage voluntary environmental measures by different stakeholders, including individuals, communities, businesses, and private sector industries, across diverse sectors.

Green credits will be allocated to particular environmental efforts under this programme and will function as traded commodities. It will be possible to sell these green credits on domestic marketplaces. This initiative’s primary goal is to encourage large corporations and private companies to engage in voluntary environmental activities such as waste management, sustainable agriculture, water conservation, and tree planting in order to improve the nation’s climate-related problems.

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Purpose Of This Initiative

The Environment Ministry introduced the Green Credits Programme in October of this year in an attempt to develop a market-based reward for a variety of environmentally beneficial activities, not just the reduction of carbon emissions. At the national and international levels, there is already a market-based system for carbon that permits the trading of carbon credits.

If businesses or countries take steps to lessen their carbon impact, they may be eligible to claim carbon credits. You can exchange these credits for cash. Businesses that don’t meet their emission targets have to pay to purchase these credits in order to perform better.

The Green Credits initiative aims to imitate this process for other environmental measures. It includes as bettering soil quality or conserving water. The development of standards and methodologies to quantify and validate such actions is ongoing. It would also be necessary to develop the market. It is anticipated that private businesses would purchase these green credits first in order to fulfil their CSR duties.

The green credit programme has advantages for both individuals and communities. In contrast to the carbon markets, which are primarily targeted at businesses and industries.

Also Read: PM Narendra Modi Shares A Video Of India’s Architectural Marvels; How Many Can You Guess?

Comment below and share your thoughts about the Green Credits Initiative.

Cover Image Courtesy: Canva & Narendra Modi/ X (Formerly, Twitter)

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