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PM Modi to launch green credits initiative at COP28
Context:
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.
World Climate Action Summit: COP 28
- 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 28th Conference of the Parties (COP28), held under the United Nations Framework Convention on Climate Change (UNFCCC), is being held in Dubai.
Green Credits Program
- The environment ministry in October 2023 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.
- Green credit program: 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.
LeadIT 2.0
- The Prime Minister will launch another initiative called LeadIT 2.0 i.e. ‘Leadership Group for Industry Transition’, at an event co-hosted by India and Sweden.
- Joint initiative: 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.
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