Climate Change Negotiations – UNFCCC, COP, Other Conventions and Protocols
India pitches for Green Credit Scheme at COP28
Mains GS1: GS1-14.Important Geophysical phenomena such as earthquakes, Tsunami, Volcanic activity, cyclone etc.,
Central Idea
- India introduced the Green Credits Scheme at COP28 in Dubai. PM Modi emphasized that this program goes beyond the commercial nature of carbon credits, offering a broader environmental impact.
What is Green Credits Programme?
- Objective: The initiative aims to generate Green Credits through plantation on degraded wasteland.
- Inception: Launched in October by the Environment Ministry, it is designed to incentivize various environment-positive actions.
- Action Areas: Includes tree plantation, water management, sustainable agriculture, waste management, air pollution reduction, mangrove conservation, ecomark label development, and sustainable building.
- Scope beyond Carbon: Unlike existing carbon credit systems, this program extends incentives to actions beyond carbon emission reductions, such as water conservation and soil improvement.
Distinctive Features
- Market-Based Approach: The program aims to create a market for trading green credits, similar to carbon credits, where companies can earn credits for environmental actions and trade them.
- Development Stage: Methodologies and standards for measuring and verifying such actions are under development, and the market for these credits is yet to be established.
- Initial Buyers: It is anticipated that private companies might purchase these green credits to fulfill their Corporate Social Responsibility (CSR) obligations.
- Wider Beneficiaries: Unlike carbon markets, which primarily target industries and corporations, the green credit program can benefit individuals and communities as well.
