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Green Credits Initiative

Mind map

This topic of “Green Credits Initiative” is important from the perspective of the UPSC IAS Examination, which falls under General Studies Portion.

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.

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