Green Credits Scheme | PM Modi Mentioned At COP28

Narendra Modi announced the launch of the Green Credit Initiative at COP28 summit, which was backed by multiple world leaders at the meeting. Prime Minister Narendra Modi launched an initiative...

Ruby Thakur
December 2, 2023
234

Ruby Thakur
December 2, 2023
234

Narendra Modi announced the launch of the Green Credit Initiative at COP28 summit, which was backed by multiple world leaders at the meeting. Prime Minister Narendra Modi launched an initiative focusing on generating Green Credits through plantation on degraded wasteland. 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.

Green Credits Scheme | PM Modi Mentioned At COP28

Why In News

Narendra Modi announced the launch of the Green Credit Initiative at COP28 summit, which was backed by multiple world leaders at the meeting. Prime Minister Narendra Modi launched an initiative focusing on generating Green Credits through plantation on degraded wasteland.

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.

What Is The Green Credits Programme

The Green Credits Programme, launched by the Environment Ministry in October this year, is an effort to create a market-based incentive for different kinds of environment-positive actions, not just for carbon emission reductions.
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.
Such a market-based system already exists for carbon, at the national as well as international level, that allows trade in carbon credits.
Companies, or nations, can claim carbon credits if they take action to reduce their carbon footprint.
These credits can they be traded for money. Companies unable to achieve their emission standards pay to buy these credits and improve their performance.

Green Credits programme attempts to replicate this mechanism for other environmental actions, like water conservation or soil improvements.
Methodologies and standards to measure and verify such actions are still being developed.
The market would also need to be developed. As a starting point, it is envisaged that private companies would buy these green credits as part of their CSR obligations.

Unlike the carbon markets, which are more focused at industry and corporations, green credit programme can benefit individuals and communities as well.

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.

Conclusion

At COP28, PM Modi offered the concept to the international community, in the hope to create a market for green credits at an international level, just like the one on carbon credits exists.

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.”

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Ruby Thakur

General Studies Lecturer SSBCrackExams, BSc In PCM, Trained Students For State Services Exams. Expertise in Geography ,Polity & Current Affairs. Love Travelling.