India pitches for more ‘holistic’ Green Credit at COP28 summit
The Green Credits Programme was introduced to encourage voluntary actions in combating the pressing challenge of the climate crisis. Prime Minister Narendra Modi expressed concerns about the limitations and profit-driven nature of carbon credits, advocating for a more comprehensive and inclusive approach embodied in the concept of Green Credits. He emphasized the need for a new philosophy that prioritizes societal responsibility, envisioning a holistic system akin to nurturing the Earth’s “Health Card.”
During the World Climate Action summit at COP28 in Dubai, PM Modi, alongside UAE President Sheikh Mohammed bin Zayed Al Nahyan and other global leaders, co-hosted an event highlighting the importance of the Green Credits Programme. This initiative aims to incentivize proactive measures beneficial for the planet by issuing Green Credits for initiatives like rejuvenating natural ecosystems, such as reforestation efforts on degraded lands and preserving river catchment areas.
The Ministry of External Affairs released a statement outlining the initiative’s goal of fostering international collaboration, sharing knowledge, experiences, and best practices in implementing environmentally positive actions through mechanisms like Green Credits. An online platform serving as a repository for policies and best practices was also launched during the event.
Welcoming this initiative, Prime Minister Ulf Kristersson of Sweden commended its potential to encourage concrete actions among companies, authorities, and individuals. Experts highlighted that the Green Credits Programme could lead to significant global action by incentivizing both individual and collective efforts to enhance carbon sinks, emphasizing benefits beyond carbon sequestration, such as biodiversity conservation and water conservation.
Prime Minister Modi also emphasized the critical role of government and industrial partnerships in achieving global net-zero emissions. Co-launching the Phase-II of the Leadership Group for Industry Transition (LeadIT 2.0) with the Swedish Prime Minister, he stressed the necessity of technology innovation, especially for developing countries, focusing on challenging sectors like iron and steel, cement, aluminium, and transport.
In his address, PM Modi highlighted India’s G20 Presidency’s emphasis on circularity strategies for industries, underscoring the importance of transitioning roadmaps and knowledge sharing for sectors that are harder to decarbonize. He reiterated the significance of collaboration between countries within the Leadership Group for Industry Transition (LeadIT) and partnerships with industries to pave the way for a resilient, sustainable, and fair future.