NEW DELHI: In a historic announcement at COP28, Prime Minister Narendra Modi unveiled the 'Green Credit Initiative,' marking a significant leap towards reshaping the landscape of global environmental policies. This groundbreaking program introduces the novel concept of 'Green Credit,' presenting a forward-thinking approach to instigate sustainable practices worldwide.
This initiative is a fully digital and tradable 'Green Credit' system, as outlined by the Prime Minister. This system includes the establishment of a dedicated portal to document and showcase environmental projects. The portal plays a crucial role in shaping global demand for future policies, fostering transparency and accessibility.
Global leaders Ulf Kristersson and Charles Michel expressed their support for the 'Green Credit Initiative' and commended Modi's leadership. Initiated by the Union Ministry of Environment, the 'Green Credit Program' operates within the broader framework of the Lifestyle for Environment. In its initial phase, the program prioritizes water conservation and afforestation as essential activities. It operates as a domestic voluntary market mechanism, utilizing green credits as unique units for specific environmental actions. These green credits, treated as tradable commodities, can be exchanged on a domestic market platform.
The program identifies eight specific environmental activities, ranging from tree plantation to sustainable agriculture and waste management. Each activity adheres to predefined thresholds and benchmarks. The Indian Council of Forestry Research and Education administers the program, overseeing guidelines, processes, and procedures for effective implementation. The institute establishes methodologies and standards, ensuring the registration process's integrity and managing measurement, reporting, and verification mechanisms.
The 'Green Credit Initiative' is set to redefine the narrative on global environmental responsibility, offering a holistic framework that goes beyond rhetoric. With sustainability at its core, the program signals a commitment to fostering a cleaner, greener future for generations to come. As leaders gather at COP28, the introduction of this initiative underscores the urgency and commitment required to address pressing environmental challenges on a global scale.
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