PM Modi to launch green credits initiative at COP28

During his two-day attendance at the United Nations climate conference in the United Arab Emirates, Prime Minister Narendra Modi is set to introduce a green credits initiative, focused on fostering the establishment of plantations. Additionally, another climate initiative targeting industries will be disclosed during the opening session of the World Climate Action Summit, as confirmed by foreign secretary Vinay Mohan Kwatra in a press briefing on Thursday.

The 28th Conference of the Parties (COP28), operating under the United Nations Framework Convention on Climate Change (UNFCCC), is scheduled to take place in Dubai from November 30 to December 12. Prime Minister Modi, participating in the initial two days, will deliver a national statement highlighting India’s climate actions.

In addition to his participation in COP28, the Prime Minister will be involved in three high-level side events, including the launch of the Green Credits Initiative, co-hosted by India and the UAE. This initiative, introduced by the environment ministry in October, serves as a market-based mechanism incentivizing voluntary environmental actions across various sectors, including individuals, communities, private sector industries, and companies. Initially concentrating on water conservation and afforestation, the green credits initiative aims to issue credits for plantations on waste and degraded lands, as well as river catchment areas for revitalization.

Prime Minister Modi will also inaugurate LeadIT 2.0, a \’Leadership Group for Industry Transition\’, in collaboration with Sweden. Launched in 2019, LeadIT 2.0 seeks to foster collaboration among decision-makers and bring together public and private sector companies to expedite the industry\’s transition to net-zero emissions.

Moreover, the Prime Minister will participate in the high-level event \’Transforming Climate Finance,\’ hosted by the Presidency of COP28, as conveyed by Kwatra. Prime Minister Modi has previously participated in the COP21 conference in Paris in 2015 and the COP26 conference in Glasgow in 2021.

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