PM Modi Launches Green Credits Initiative at COP28

Prime Minister Narendra Modi unveiled a groundbreaking initiative during a high-level event at COP28 in Dubai, shifting the focus towards generating Green Credits through extensive plantation efforts on degraded wasteland.

What is the Green Credits Programme?

The Green Credits Programme, initiated by the Environment Ministry in October of this year, aims to establish a market-based incentive system for a variety of environment-positive actions beyond carbon emission reductions.

Market-Based Incentives Beyond Carbon Reduction

Traditionally, carbon credits have been the forefront of market-based systems, allowing companies and nations to trade credits and mitigate their carbon footprints. The Green Credits Programme extends this mechanism to encompass various environmental actions such as water conservation and soil improvements. The methodologies and standards for measuring and verifying these actions are still under development.

Paragraph: Replicating Success for Other Environmental Actions

The Green Credits Programme mirrors the carbon credit market, where companies or nations earn credits for positive environmental actions. These credits can be traded for monetary value. While the concept is in its infancy, it is envisioned that private companies would initially purchase these green credits as part of their corporate social responsibility (CSR) obligations.

Focus on Individuals and Communities

Unlike carbon markets that predominantly cater to industries and corporations, the Green Credits Programme introduces a more inclusive approach. Individuals and communities can now play a role in fostering environmental positivity and be rewarded through the green credit system.

Internationalization of the Green Credits Market

Prime Minister Modi put forth the idea of an international market for green credits at COP28, urging the global community to embrace and contribute to the initiative. This bold step aims to establish a framework akin to the international carbon credit market and create a platform for countries worldwide to engage in the exchange of green credits.

Month: Current Affairs - December, 2023

Category: Environment Current Affairs