COP 28: During a high-level event at the ongoing climate talks, Modi highlighted that the Green Credits Initiative surpasses the commercial nature of carbon credits
Prime Minister Narendra Modi unveiled a groundbreaking initiative during the COP28 climate talks, focusing on the generation of Green Credits through reforestation on degraded wastelands. In a high-level event, Modi emphasised that the Green Credits Initiative transcends the commercial nature of traditional carbon credits, advocating for a shift away from a mindset solely driven by personal gain.
The initiative operates on the principle that environmental conservation is intricately linked to personal growth, aiming to incentivize voluntary pro-planet actions. Participants engaging in positive environmental activities, such as planting on degraded lands, will earn tradable green credits. The entire process, from registration to verification and issuance of green credits, will be streamlined through digitization.
The Green Credits Initiative serves as a mechanism to address the challenges of climate change by encouraging actions that contribute to the restoration and revitalisation of natural ecosystems. The Ministry of External Affairs highlighted that the initiative envisions the issuance of Green Credits for plantations on waste/degraded lands and river catchment areas.
In tandem with this initiative, Prime Minister Modi announced the launch of a global portal designed to collect ideas, knowledge, and experiences related to tree planting and environmental conservation.
This platform aims to influence global policies, practises, and the demand for green credits. It will facilitate collaboration, cooperation, and the exchange of knowledge and best practises in planning, implementing, and monitoring environmentally positive actions, such as those supported by the Green Credits Initiative.
Notably, the Green Credits Initiative mirrors the Green Credit Programme launched domestically in October. It represents a market-based mechanism designed to reward voluntary environmental actions across various sectors by individuals, communities, and the private sector.
Overall, these initiatives underscore India's commitment to proactive environmental stewardship and offer innovative solutions to address the pressing challenges posed by climate change on a global scale.