Indian PM Launches Green Credit Initiative at COP28 Summit

• 04 Dec 2023

Recently, India’s Prime Minister introduced the Green Credit Initiative at the COP28 summit in Dubai, garnering support from various world leaders.

Key Points

• World Climate Action Summit: Indian PM, Mozambique, and the European Council, inaugurates the web portal of the Green Credits Programme during the COP28 World Climate Action Summit.
• Global South Impact: Indian PM emphasized the impact of climate change on the Global South during his participation in the high-level segment of the COP28 climate conference.
• Earth's Health Card Analogy: The Prime Minister drew an analogy between the significance of a Health Card in life and the need to prioritize positive actions for Earth's Health Card through initiatives like Green Credit.
• Initiation Date: The Green Credit Initiative was first introduced by the Ministry of Environment, Forest, and Climate Change on October 13, 2023.
• Dual Priorities: The initiative focuses on water conservation and afforestation as its main priorities.
• Market-Based Mechanism: Described as a market-based mechanism, the initiative incentivizes voluntary environmental actions across sectors involving individuals, communities, private sector industries, and companies.
• Tradable Green Credits: Specific environmental activities will earn green credits, treated as tradable commodities, and can be sold on domestic market platforms.
• Boosting Environmental Activities: The primary aim is to boost voluntary environmental activities such as tree plantation, water conservation, sustainable agriculture, and waste management.
• Incentivizing Corporations: The scheme encourages big corporations and private companies to participate by offering incentives, contributing to positive changes in the country's climate issues.