 "COP28 climate summit: PM Narendra Modi pushes for 'green credit' plans")
Calling for a people-driven approach to climate action, Prime Minister Narendra Modi on Friday announced a Green Credit Program (GCP) at the 28th Conference of the Parties (COP28) to the UN Framework Convention on Climate Change (UNFCCC) in Dubai. Under the initiative, participants undertaking environmentally positive actions will receive tradable green credits.
Modi, who became the first Indian prime minister to deliver the opening remarks at the UN climate summit, also proposed to host the event in 2028, or COP33.
The prime minister voiced the demands of developing nations while condemning the historical polluters, noting that the world does not have much time to correct the mistakes of the last century.
He also announced the launch of a global digital platform for ideas on climate action and innovations and a data repository for the same.
GCP is part of the LiFE mission, one of India’s Nationally Determined Contributions (NDCs) submitted to the UNFCCC as its climate action plan.
“In Glasgow (COP26), I presented to you the vision of LiFE – Lifestyle for Environment. A study by the International Energy Agency says this approach can save 2 billion tonnes of carbon emissions every year. Today I am calling for another pro-planet, proactive and positive initiative that is Green Credits,” Modi said, addressing the 197 member countries in Hindi.
“This is a mass campaign, which goes beyond the commercial mindset of the carbon credits. It focuses on creating carbon sinks through people’s participation and I invite all of you to join this initiative,” he added.
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A draft Green Credit Program was announced in June this year through a gazette notification. According to a press release by Press Information Bureau (PIB) on October 13, GCP is “an innovative market-based mechanism designed to incentivise voluntary environmental actions across diverse sectors, by various stakeholders like individuals, communities, private sector industries, and companies.”
In its initial phase, GCP focuses on two key activities: water conservation and afforestation. Draft methodologies for awarding green credits have been developed and will be notified for stakeholder consultation, said the PIB statement.
India and the UAE also co-hosted a high-level side event on green credits at COP28 on Friday. Speaking at the event, Modi said, “We must ensure positive points get added to the health card of the Earth and this is what the Green Credit Program is all about. We must think about how our policies and regulations will add to the green credit of the planet. These green credits would be used in future development, would be tradable, and will be available digitally,” he said.
In 2021, at Glasgow, Modi was the first South Asian leader to ask for a trillion dollars for climate finance. He continued this demand at COP28 while condemning the historic polluters. “A small section of humanity has indiscriminately exploited nature, but the entire humanity is paying the price for this, especially people living in the Global South,” he said in his opening statement.
Citing the achievements of India’s G20 Presidency, Modi said the G20 nations decided to triple the renewable energy capacity addition and that “climate finance commitment should be increased from billions to trillions by 2030”.
He also urged all nations to work together and asked for a fair share of developing countries in the global carbon budget.
Aarti Khosla, director, Climate Trends, said the podium that was offered to Prime Minister Modi is testimony to India’s changing geopolitical clout but also its long-standing economic partnership with the UAE.
“The PM established all the good work on clean energy which is underway in India. He also reiterated India’s leadership and representation as the voice of the global south, championing the need for equity in the carbon budget. At these meetings the missing element so far has been how to tackle fossil fuel transition. The PM spoke about the need for that to be orderly, just and equitable. PM Modi’s offer to host the UNFCCC COP33 in five years is a diplomatic masterstroke, given the mood of the climate discussions in Dubai,” Khosla said.
Modi also enlisted India’s achievements in climate action ranging from achieving the reduction in emission intensity 11 years in advance and green energy capacity nine years ahead of the target year.
He also reiterated India’s climate goals, which include increasing the share of non-fossil fuels to 50 per cent of the country’s energy basket and becoming a net-zero economy by 2070.
PM meets world leaders
Modi on Friday met United Nations Secretary-General Antonio Guterres on the sidelines of the UN climate summit and highlighted India's initiatives and progress in achieving climate goals.
He also met his British counterpart Rishi Sunak, Brazilian President Luiz Inacio Lula da Silva, Italian Prime Minister Giorgia Meloni, British Foreign Secretary David Cameron, and former British Prime Minister Tony Blair.
He also held a meeting with Israeli President Isaac Herzog and underscored India's support for an early and durable resolution of the Israel-Palestine issue through dialogue and diplomacy.
With inputs from PTI