PM Modi to launch green credits initiative at COP28
Narendra Modi is set to launch a green credits initiative, aimed at encouraging the establishment of plantations, during his two-day visit to the United Nations climate conference being held in the United Arab Emirates. The Prime Minister, who is expected to deliver his address at the opening session of the World Climate Action Summit, will also launch another climate initiative aimed at industries, foreign secretary Vinay Mohan Kwatra said at a press briefing on Thursday.
The 28th Conference of the Parties (COP28), held under the United Nations Framework Convention on Climate Change (UNFCCC), is being held in Dubai from 30 November to 12 December. Prime Minister Narendra Modi, who will be at the conference on the first two days, will deliver a national statement highlighting India’s climate actions.
“Besides his address to the COP28, the Prime Minister will also be participating in three high-level side events, of which two are being co-hosted by India," said Kwatra. “The first high-level event, which is being co-hosted by India and the UAE, is the launch of Green Credits Initiative." The environment ministry in October announced a green credits program–defining it as a “market-based mechanism designed to incentivize voluntary environmental actions across diverse sectors by various stakeholders like individuals, communities, private sector industries, and companies," according to the ministry of environment, forest and climate change.
In its initial phase, it will focus on water conservation and afforestation. “The green credits initiative is based on the green credit program… and basically envisions the issue of green credits for plantations on waste and degraded lands, and river catchment areas in order to restore
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