Green Credits Initiative

Contents

Introduction

In December 2023, at the COP28 in Dubai, Indian Prime Minister Narendra Modi launched the Green Credits Initiative. This initiative represents a significant step in addressing climate change through the engagement of people in environmental conservation efforts.

Understanding the Green Credits Initiative

Background

Launch at COP28: The initiative was launched by Narendra Modi at COP28 in Dubai.
Pro-Planet Approach: It is characterized as a proactive and positive initiative, moving beyond the traditional commercial mindset associated with carbon credits.

Connection to India’s Green Credit Programme

Similar Initiative: The Green Credits Initiative is akin to the Green Credit Programme announced in India.
Nature of the Programme: It is a market-based mechanism rewarding voluntary environmental actions across various sectors, involving individuals, communities, and the private sector.

Conceptualisation

Incentivising Pro-Planet Actions: The initiative aims to incentivize actions that positively impact the planet, offering a response to the challenge of climate change.
Focus Areas: It emphasizes plantations on waste and degraded lands, particularly in river catchment areas, to rejuvenate natural ecosystems.

Process and Implementation

Creation of Inventory

Degraded Wastelands: An inventory of such lands will be created for planting activities.

Digitalisation

End-to-End Digital Process: From registration to the issuance of green credits, all processes will be digitized.

Relation to LiFE Movement

Lifestyle for Environment: The Green Credit Initiative is a part of the broader ‘LiFE’ movement announced by PM Modi in 2021.

Governance and Operation

Framework and Administration

Steering Committee: The governance framework involves an inter-ministerial committee.
ICFRE’s Role: The Indian Council of Forestry Research and Education is responsible for the programme’s administration, encompassing implementation, management, monitoring, and operation.

Initial Focus and Methodologies

Key Activities: The initial phase concentrates on water conservation and afforestation.
Development of Methodologies: Draft methodologies have been developed to set benchmarks for activities, ensuring environmental impact and cross-sector fungibility.

Digital Platform

Streamlining Processes: A digital platform is being created to facilitate the registration of projects, their verification, and the issuance of Green Credits.

Green Credit Registry and Trading

Development by ICFRE: In collaboration with experts, ICFRE is developing a registry and trading platform for Green Credits.
Registration and Trading: Individuals and entities can register their environmental activities and trade their earned Green Credits on this platform.

Recent Developments (December 2023)

Proposed Hosting of COP33: PM Modi has proposed hosting COP33 in India in 2028.
Joint High-level Event: India and UAE co-hosted a high-level event on the Green Credits Programme at COP28.

Conclusion

The Green Credits Initiative at COP28 signifies a transformative approach to climate action, emphasizing community involvement and digital innovation. This initiative aligns with global efforts to combat climate change and fosters a pro-planet mindset, potentially setting a precedent for similar programs worldwide.