DUBAI, 2 Dec: Prime Minister Narendra Modi on Friday launched an initiative focusing on generating green credits through plantation on degraded wastelands.
During a high-level event at the ongoing climate talks or COP28 here, Modi highlighted that the green credits initiative surpasses the commercial nature of carbon credits.
“Carbon credits, driven by a commercial mindset, have limited scope and lack associated responsibility. We need to move away from a destructive mindset that prioritises personal benefit,” the prime minister said.
The green credits initiative operates on the premise that environmental conservation is intertwined with personal growth, he said.
This initiative involves creating an inventory of degraded wastelands, which can be utilised for planting by individuals and organisations. Participants undertaking environmentally positive actions will receive tradable green credits.
The entire process, from registration to plantation, verification, and issuance of green credits, will be digitised.
“The green credit initiative has been conceptualised as a mechanism to incentivise voluntary pro-planet actions, as an effective response to the challenge of climate change. It envisions the issue of green credits for plantations on waste/degraded lands and river catchment areas, to rejuvenate and revive natural ecosystems,” the external affairs ministry said in a statement.
The prime minister also announced the launch of a global portal to collect ideas, knowledge, and experiences related to tree planting and environmental conservation.
This platform aims to influence global policies, practices, and the demand for green credits.
“It will facilitate global collaboration, cooperation and partnership through exchange of knowledge, experiences and best practices in planning, implementation and monitoring of environment positive actions through programmes/mechanisms like green credits,” the ministry said.
The green credits initiative mirrors the green credit programme launched domestically in October. It is a market-based mechanism, rewarding voluntary environmental actions in various sectors by individuals, communities, and the private sector. (PTI)