- At the COP28 in Dubai, India unveiled the Green Credits Scheme. Prime Minister Modi emphasised that this programme extends beyond the financial aspect of carbon credits, providing a greater environmental effect.
Green Credits Programme
- The initiative’s goal is to create Green Credits by planting on deteriorated wasteland.
- The Environment Ministry launched it in October with the goal of incentivizing different environmentally friendly acts.
- Tree planting, water management, sustainable agriculture, waste management, air pollution reduction, mangrove conservation, ecomark label creation, and sustainable building are all action areas.
- Beyond the Carbon: This programme, unlike other carbon credit schemes, extends incentives to efforts other than carbon emission reductions, such as water conservation and soil restoration.
Distinctive Characteristics
- Market-Based Approach: The programme intends to develop a market for selling green credits, similar to carbon credits, in which businesses may earn and exchange credits for environmental efforts.
- Methodologies and criteria for measuring and certifying such activities are in the works, and a market for these credits has yet to be formed.
- First-time buyers: Private enterprises are expected to acquire these green credits to meet their Corporate Social Responsibility (CSR) commitments.
- Additional Beneficiaries: In contrast to carbon markets, which largely benefit industry and companies, the green credit programme may also benefit individuals and communities.
Source: https://www.thehindu.com/sci-tech/energy-and-environment/at-cop28-pm-modi-proposes-india-host-climate-summit-in-2028-launches-green-credit-initiative/article67594191.ece