Modi Announces Green Credit Initiative At COP28

Featured & Cover Modi Announces Green Credit Initiative At COP28 (ThinkWithNiche)

Prime Minister Narendra Modi said on December 1, 2023 that India has shown the world the perfect balance of ecology and economy. He made the remarks while delivering an address at the high-level segment of COP28 in Dubai.

“Despite India having 17 percent of the world’s population, our share in global carbon emissions is only less than 4 percent. India is one of the few economies in the world that is on track to meet the NDC targets,” the PM said adding that his country is continuously making progress to achieve the goal of reaching net zero by 2070.

He highlighted that targets related to emissions intensity were achieved 11 years ago while non-fossil fuel targets were achieved nine years ahead of schedule. Additionally, the PM underscored that efforts are being made to reduce emission intensity to 45 percent by 2030 and increase the share of non-fossil fuel to 50 percent.

“India has consistently given importance to the issue of climate in its G-20 Presidency with the spirit of One Earth, One Family, One Future,” Modi said enumerating the various green initiatives launched by India, including the Global Biofuels Alliance and Mission LiFE – Lifestyle for Environment.

Modi Announces Green Credit Initiative At COP28 (FE)
Picture: FE

Urging participation from the COP states, Modi announced the launch of the Green Credits initiative, a campaign that aims to facilitate mass participation as an effective response to the challenge of climate change. The program’s long-term goal is to restore degraded and abandoned land and river catchment areas through the issuance of green credits to plant trees there.

At a joint session, the United Arab Emirates and India officially launched the Green Credits initiative and unveiled a website that would compile policies and best practices that encourage eco-friendly behaviors.

The Prime Minister concluded his address by expressing India’s commitment to the UN Framework for Climate Change Process and proposed to host the COP-33 summit in India in 2028. In the hopes of a successful COP28, he advocated for an inclusive and equitable energy transition, as well as the continuous development of innovative technologies and their transfer to other countries, to propel collective progress toward a secure future.

Asserting that the world does not have much time to correct the mistakes of the last century, PM Narendra Modi on Friday announced a ‘Green Credit Initiative’ focused on creating carbon sinks through people’s participation and also proposed to host the UN climate conference in 2028, or COP33, in India.

Carbon sinks are essentially anything that absorbs more carbon from the atmosphere than it releases.

What is it?

Addressing the high-level segment for heads of states and governments during the UN climate conference (COP28) in Dubai, Modi called for a pro-planet, proactive and positive initiative.

He further said the Green Credits Initiative goes beyond the commercial mindset associated with carbon credits, which are essentially permits that allow entities to emit certain amount of carbon dioxide or other greenhouse gases.

The Green Credit Initiative is similar to the Green Credit Programme, notified domestically in October. It is an innovative, market-based mechanism designed to reward voluntary environmental actions in different sectors by individuals, communities and the private sector.

‘India has walked the talk’

Asserting that India has presented a great example to the world of striking balance between development and environment conservation, PM Modi said India is among the only few countries in the world on track to achieve the national action plans to restrict global warming to 1.5C, the guardrail to avoid worsening of the impact of the changing climate.

Modi called for maintaining a balance between mitigation and adaptation and said that energy transition across the world must be “just and inclusive.” He also urged rich countries to transfer technologies to help developing nations combat climate change.

Meetings that matter

On the sidelines of the COP28 summit, Modi met with the King of Bahrain, Hamad bin Isa Al Khalifa, and said that India deeply values its strong ties with the Gulf nation.

Modi also met Ethiopian PM Abiy Ahmed Ali, UAE Vice President Sheikh Mohammed bin Rashid Al Maktoum and Israeli President Isaac Herzog.

While Israel has a war going on with Hamas, the other countries (Bahrain, Ethiopia and UAE) have deep economic ties with India.

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