PM Modi Launches Green Credit Initiative at COP28 in Dubai

New Delhi: Indian Prime Minister Narendra Modi, alongside leaders such as Sweden’s Prime Minister Ulf Kristersson, President of Mozambique Filipe Jacinto Nyusi, and European Council President Charles Michel, unveiled the Green Credit Initiative during the World Climate Action Summit of the Conference of Parties-28 (COP28) in Dubai. The initiative, presented as a market-based mechanism, aims to incentivize voluntary environmental actions across various sectors, involving individuals, communities, private industries, and companies.

The Green Credit Initiative, introduced by the Ministry of Environment, Forest and Climate Change on October 13, 2023, focuses on two key priorities: water conservation and afforestation. It establishes a system where green credits are assigned to specific environmental activities, treated as tradable commodities that can be sold on domestic market platforms. This approach aims to encourage voluntary environmental initiatives, including tree plantation, water conservation, sustainable agriculture, and waste management, by providing incentives for large corporations and private companies.

During the COP28 summit, Prime Minister Modi emphasized the significance of considering environmental concerns akin to managing personal health. He drew a parallel between the importance given to a Health Card in life and the need to adopt a similar approach to Earth’s environmental well-being. The Green Credit Initiative is envisioned as a means to enhance the Earth’s “Health Card” by promoting positive environmental actions.

The launch of the Green Credit Initiative’s web portal at COP28 marked a collaborative effort by global leaders to address climate change issues, recognizing the impact on the Global South. Prime Minister Modi’s participation in the summit and the initiative’s launch underscore India’s commitment to sustainable practices and environmental conservation.

The Green Credit Initiative aligns with India’s broader strategy to combat climate change and promote responsible environmental stewardship. By creating a market-driven mechanism, the initiative seeks to mobilize diverse stakeholders, fostering a collective effort to address climate challenges. As green credits become tradable commodities, it introduces a dynamic element to incentivize and reward environmental responsibility, contributing to India’s efforts to mitigate the impact of climate change and create a more sustainable future.

While launching the web portal for the scheme at COP28, PM Modi said, “The manner in which we give importance to our Health Card in life, we have to similarly start thinking in the context of environment. We will have to see what is to be done to add positive points to Earth’s Health Card. I think this is what Green Credit is.”