COP 28: Addressing the high-level segment for heads of state and governments, Modi said the Green Credits Initiative is a pro-planet, proactive and positive initiative that goes beyond the commercial mindset associated with carbon credits
Prime Minister Narendra Modi highlighted India's commendable progress in meeting its climate pledges, asserting that the nation is among the few on track to fulfil its commitments. During the second day of the UN climate conference (COP28), Modi proposed hosting the event in 2028 and unveiled the 'Green Credit Initiative,' aimed at creating carbon sinks through public participation.
In various high-level engagements, Modi urged affluent nations to expedite their carbon footprint reduction, emphasising the need for developing countries to receive their fair share of the global carbon budget. He called for tangible outcomes on finance to aid developing nations in tackling climate change and emphasised the urgency of correcting mistakes from the past century.
The Green Credit Initiative, akin to India's domestic Green Credit Programme, incentivizes voluntary environmental actions through tradable green credits.
Participants engaging in activities like reforestation on degraded lands will contribute to carbon sequestration. Modi invited global participation in this pro-planet initiative, emphasising the limited time to rectify environmental errors.
Additionally, Modi proposed India as the host for the UN climate conference in 2028 (COP 33), signalling the country's commitment to global climate dialogue. He, along with Swedish Prime Minister Ulf Kristersson, launched LeadIT 2.0, an initiative fostering the co-development and transfer of low-carbon technologies with financial support for industry transitions in developing nations.
Addressing the session on 'Transforming Climate Finance,' Modi urged concrete progress on the New Collective Quantified Goal (NCQG), a post-2025 global climate finance target. He emphasised the unmet commitment of rich nations to provide USD 100 billion annually by 2020 and stressed the need to replenish the Green Climate Fund and the Adaptation Fund promptly.
Modi highlighted India's exemplary balance between development and environmental conservation, showcasing the nation's commitment to achieving its Nationally Determined Contributions. He underscored the importance of a just and inclusive global energy transition and called for technology transfer from developed to developing countries.
The Prime Minister championed the Lifestyle for Environment (LiFE) movement, urging nations to adopt eco-friendly practises. Referring to a study by the International Energy Agency, Modi emphasised that LiFE could reduce carbon emissions by 2 billion tonnes.
In urging global cooperation against the climate crisis, Modi stressed the significance of fair carbon budget distribution and revealed India's relatively modest contribution to global emissions compared to its population. He outlined India's achievements in surpassing emissions intensity and non-fossil fuel targets ahead of schedule.
As part of its G20 Presidency, India secured consensus for a Green Development Pact, emphasising the shift from billions to trillions needed for the energy transition. Modi highlighted the financial requirements for developing countries to implement their Nationally Determined Contributions, emphasising the ambitious yet achievable goals set by India, including a net-zero economy by 2070.