PM launches ‘Green Credit Initiative’ at UN climate talks
image for illustrative purpose
Dubai: Asserting that the world does not have much time to correct the mistakes of the last century, Prime Minister Narendra Modi on Friday announced a ‘Green Credit Initiative’ focused on creating carbon sinks through people’s participation and also proposed to host the UN climate conference in 2028, or COP33, in India.
Addressing the high-level segment for heads of state and governments during the UN climate conference (COP28) here, Modi called for a pro-planet proactive and positive initiative and said the Green Credits Initiative goes beyond the commercial mindset associated with carbon credits.
“It focuses on creating carbon sinks through people’s participation and I invite all of you to join this initiative,” he said, stressing that the world does not have much time to correct the mistakes of the last century. This initiative is similar to the Green Credit Programme, notified domestically in October. It is an innovative market-based mechanism designed to reward voluntary environmental actions in different sectors by individuals, communities and the private sector.
Asserting that India has presented a great example to the world of striking balance between development and environment conservation, the Prime Minister said, India is among the only few countries in the world on track to achieve its Nationally Determined Contributions or the national action plans to restrict global warming to 1.5 degrees Celsius, the guardrail to avoid worsening of the impact of the changing climate.
Modi was the only leader to join COP28 President Sultan Al Jaber on the stage along with the UN Climate Change Executive Secretary Simon Steill at the opening plenary. “Over the past century, a small section of humanity has indiscriminately exploited nature. However, the entire humanity is paying the price for this, especially people living in the Global South,” he said.
“Thinking only about our own interests will only lead the world into darkness,” the prime minister added. Modi’s statement came in the context that the poor and developing nations bear the brunt of extreme climate events such as floods, droughts, heat/cold waves as a result of changing climate due to historic carbon emissions by the richer countries that have led to increased global warming.
The Prime Minister called for maintaining a balance between mitigation and adaptation and said that energy transition across the world must be “just and inclusive.” He also called rich countries to transfer technologies to help developing nations combat climate change. Modi has been championing the Lifestyle for Environment (LiFE movement), which he had announced at the Glasgow COP in 2021), urging countries to adopt planet-friendly living practices and move away from deeply consumerist behaviour.
Citing a study by the International Energy Agency, Modi said, “This approach (LiFE) can reduce carbon emissions by 2 billion tonnes.” He called on the countries to work together and be decisive against the climate crisis. “We shall cooperate with each other and shall support each other. We need to give all developing countries our fair share in the global carbon budget,” Modi said.
