PM Narendra Modi Launches Green Credit Initiative at COP28 Climate Summit in Dubai

Green Credit Initiative Announced at COP28

At the COP28 climate summit in Dubai, Prime Minister Narendra Modi unveiled the Green Credit Initiative, a market-based mechanism designed to incentivize voluntary environmental actions. The initiative, supported by world leaders, aims to promote activities like tree plantation, water conservation, sustainable agriculture, and waste management.

Green Credit Initiative's Significance

The Green Credit Initiative holds immense significance in addressing climate change challenges. By assigning green credits to specific environmental activities and enabling their trade, the initiative incentivizes voluntary participation in eco-friendly practices. This approach empowers individuals, communities, private industries, and companies to play a proactive role in environmental protection.

What is the Green Credit Initiative?

The Green Credit Initiative, introduced by the Ministry of Environment, Forest, and Climate Change on October 13, 2023, focuses on two primary areas: water conservation and afforestation. Described as a "market-based mechanism," it aims to incentivize voluntary environmental actions across sectors, involving individuals, communities, and private industries.

Key Priorities:

Under this initiative, specific environmental activities, such as tree plantation, water conservation, sustainable agriculture, and waste management, will receive green credits. These credits will be tradable commodities, allowing stakeholders to sell them on domestic market platforms. The initiative targets big corporations and private companies, encouraging their participation in environmental initiatives.

Green Credits as Eco-Credits

Under the Green Credit Initiative, green credits are assigned to specific environmental activities, acting as tradable commodities. These credits can be bought and sold on domestic market platforms, providing financial incentives for environmentally conscious endeavors.

Prime Minister Modi's Vision

While launching the web portal for the scheme at COP28, Prime Minister Modi aptly compared the significance of environmental protection to maintaining personal health. Just as we value our health cards, we must prioritize the Earth's well-being. The Green Credit Initiative serves as a tool to achieve this goal.

Relevant and latest facts for the Green Credit Initiative news article:

• The Green Credit Initiative was first introduced by India's Ministry of Environment, Forest and Climate Change (MoEFCC) in October 2023.

• The initiative aims to promote voluntary environmental actions by providing financial incentives in the form of tradable green credits.

• The credits can be earned by individuals, communities, private industries, and companies for undertaking activities such as tree plantation, water conservation, sustainable agriculture, and waste management.

• The credits can be sold on domestic market platforms, allowing credit holders to monetize their environmental efforts.

• The initiative is expected to encourage wider participation in eco-friendly practices and contribute to India's climate change mitigation and adaptation goals.

Additional Facts on Green Credit Initiative:

• The Green Credit Initiative is aligned with India's commitment to achieving net-zero carbon emissions by 2070.

• The initiative is designed to complement existing environmental policies and programs in India.

• The MoEFCC is working with various stakeholders to establish a robust framework for the issuance, trading, and verification of green credits.

• The initiative is expected to attract private sector investment in environmentally sustainable projects.

• The Green Credit Initiative has the potential to become a model for other countries seeking to promote market-based mechanisms for environmental protection.

Note - To explore an article highlighting the significance of COP28, focusing on critical priorities and expected results, kindly follow the link below:
COP28 Climate Summit 2023: Key priorities and expectations of major players