Prime Minister Narendra Modi launched ‘Global Green Credit Initiative’ at the UN climate conference (COP28) in Dubai on December 1.

The PM also proposed to host the UN climate conference in 2028 (COP33).

India had hosted COP8 in New Delhi in 2002 where countries adopted the Delhi Ministerial Declaration which called for efforts by developed countries to transfer technology and minimise the impact of climate change on developing countries.

What is Global Green Credit Initiative?

• PM Modi said the Green Credit Initiative is a pro-planet, proactive and positive initiative, that goes beyond the commercial mindset associated with carbon credits.

• It focuses on creating carbon sinks through people’s participation.

• Carbon sink is any system that absorbs more carbon than it emits. The main natural carbon sinks are soil, forests and oceans.

• This initiative is similar to the Green Credit Programme, notified domestically in October. 

• This global initiative aims to facilitate global collaboration, cooperation and partnership through exchange of knowledge, experiences and best practices in planning, implementation and monitoring of environment positive actions through programmes/mechanisms like green credits.

• It has been conceptualised as a mechanism to incentivise voluntary pro-planet actions, as an effective response to the challenge of climate change. 

• It envisions the issue of green credits for plantations on waste/degraded lands and river catchment areas, to rejuvenate and revive natural ecosystems.

• It is an innovative market-based mechanism designed to reward voluntary environmental actions in different sectors by individuals, communities and the private sector.

• Participants undertaking environmentally positive actions will receive tradable green credits.

• The entire process, from registration to plantation, verification, and issuance of green credits, will be digitised.

Manorama Yearbook app is now available on Google Play Store and iOS App Store