2 Dec 2023

COP 28 Summit: What is Green Credit Initiative lauched by PM Modi

During the COP28 summit, Prime Minister Narendra Modi made a groundbreaking announcement by introducing the 'Green Credit Initiative,' a revolutionary program aimed at transforming global environmental policies. 

Additionally, the Prime Minister inaugurated the official portal of the Green Credit Initiative at COP28, emphasizing the shortcomings of the existing carbon credit system, which is influenced by commercial interests and lacks a sense of social responsibility. This marks the initiation of a new philosophy embodied in the concept of 'Green Credit.'

Addressing the high-level event on the Green Credits Programme, Modi stressed the need for a holistic approach to implement the new philosophy, laying the foundation for Green Credit. Positioned as a pro-planet and proactive step towards a sustainable future, the 'Green Credit Initiative' represents a crucial instrument for fostering a greener, clearer, and better future.

Earth's health card

Quoting "Prakriti rakshithi rakhihitha," Modi highlighted the imperative to protect and preserve nature, asserting that those who protect the environment will be protected by it. Describing 'Green Credit' as the Earth's health card, he outlined the key features of the system, envisioning it as a fully digital and tradable instrument for environmental sustainability. The launch of the 'Green Credit Portal,' a repository documenting plantations and environmental projects, is crucial for shaping global demand for future policies.

Global community has shown support

The international community has shown support for the 'Green Credit Initiative,' with leaders expressing enthusiasm and commitment. Leaders such as Ulf Kristersson Johnson of Sweden, Filipe Nyusi of Mozambique, and Charles Michel of the European Council praised Modi's leadership and showcased their respective initiatives aligned with the Green Credit philosophy.

Part of the govt's broader LiFE Movement

Unveiled on October 13, 2023, by the Union Ministry of Environment, Forest and Climate Change, the Green Credit Program is part of the government's broader Lifestyle for Environment or Life Movement. In its initial phase, the program prioritizes water conservation and afforestation, serving as a market-based instrument encouraging voluntary environmental actions across sectors.

Eight specific activities are identified

Operating as a domestic voluntary market mechanism, the program uses green credits as tradable units assigned to specific environmental activities. The program identifies eight specific activities, encompassing tree plantation, water conservation, sustainable agriculture, waste management, air pollution reduction, mangrove conservation and restoration, Eco Mark (a government scheme for identifying environmentally friendly products), and sustainable building and construction. The Indian Council of Forestry Research and Education administers the Green Credit Program, developing guidelines and overseeing the registration process.

The program aims to leverage a competitive market-based approach, motivating diverse stakeholders to engage in voluntary environmental actions, recognizing and incentivizing efforts beyond carbon emissions, including water conservation and waste management.

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