During his participation in the World Climate Action Summit at Conference of Parties-28 (COP28) in Dubai, Prime Minister Narendra Modi unveiled the Green Credit Initiative, backed by global leaders, to address pressing environmental challenges.
The Green Credit Initiative, introduced by India’s Ministry of Environment, Forest, and Climate Change on October 13, 2023, focuses on incentivizing voluntary environmental actions, primarily centered on water conservation and afforestation. This market-based mechanism aims to encourage various stakeholders, including individuals, communities, and private sector industries, to engage in environmental initiatives.
Under this initiative, specific environmental activities will be allocated green credits, which will function as tradable commodities in domestic market platforms. The scheme aims to stimulate and reward actions such as tree plantation, sustainable agriculture, water conservation, and waste management, fostering a proactive response to the country’s climate concerns.
PM Modi emphasized the significance of prioritizing environmental health, drawing parallels to the importance placed on personal health cards in daily life. He highlighted the need to accumulate positive points on Earth’s ‘Health Card,’ aligning with the fundamental objectives of the Green Credit Initiative.
The launch of the Green Credit Initiative at COP28 marks a pivotal step in India’s commitment to environmental sustainability, aiming to harness voluntary efforts and incentivize corporations and private companies to contribute towards mitigating climate challenges through proactive environmental actions.
Sources By Agencies
