PM Modi to launch green credits initiative at COP28 | Mint
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Business News/ Industry / PM Modi to launch green credits initiative at COP28
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PM Modi to launch green credits initiative at COP28

The program, which will initially focus on water conservation and afforestation, envisions issuing green credits for plantations on waste and degraded lands, and river catchment areas

Prime Minister Narendra Modi will deliver his address at the opening session of the World Climate Action Summit the climate change summit in Dubai. (PTI)Premium
Prime Minister Narendra Modi will deliver his address at the opening session of the World Climate Action Summit the climate change summit in Dubai. (PTI)

Prime Minister 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 their vitality," said Kwatra.

The Prime Minister will also launch another initiative called LeadIT 2.0, which the foreign secretary explained as a ‘Leadership Group for Industry Transition’, at an event co-hosted by India and Sweden.

LeadIT 2.0 is a joint initiative launched by India and Sweden in 2019 at the UN Climate Action Summit in New York. It is aimed at fostering collaboration among decision-makers, as well as bringing together public and private sector companies to aid in the acceleration of industry transition to net-zero emissions. 

Prime Minister Modi will also be participating in another high-level event, titled Transforming Climate Finance, which is to be hosted by the Presidency of the COP28, Kwatra said.

The Prime Minister had previously attended the COP21 conference in Paris in 2015, and the COP26 conference in Glasgow in 2021.

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Published: 30 Nov 2023, 09:08 PM IST
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