In a significant move at the Conference of Parties-28 (COP28) summit in Dubai, Prime Minister Narendra Modi unveiled the Green Credit Initiative. Joined by world leaders, including Sweden’s PM Ulf Kristersson, Mozambique’s President Filipe Jacinto Nyusi, and European Council president Charles Michel, Modi emphasized the initiative’s focus on water conservation and afforestation.
What is Green Credit Initiative?
Introduced by the Ministry of Environment, Forest, and Climate Change on October 13, 2023, the Green Credit Initiative is a market-based mechanism incentivizing voluntary environmental actions. It targets individuals, communities, private sector industries, and companies. The initiative assigns tradable green credits to specific environmental activities, such as tree plantation, water conservation, sustainable agriculture, and waste management. These credits can be traded on domestic market platforms.
During the COP28 summit, PM Modi highlighted its role in adding positive points to Earth’s “Health Card,” urging a collective effort in addressing climate issues. The initiative aims to encourage corporations and private companies to engage in voluntary environmental activities, fostering positive change.
(With inputs from agencies)
