Prime Minister Narendra Modi launched a web portal of the Green Credits Programme on Friday. The portal was launched at the COP28 World Climate Action Summit in held in Dubai, UAE to collect ideas, knowledge, and experiences related to tree planting and environmental conservation.
The video of the launch is available on social media where Modi, along with Sweden's PM Ulf Kristersson, President of Mozambique Filipe Jacinto Nyusi and European Council president Charles Michel can be seen launching the web portal.
They also launched an initiative focusing on generating green Credits through plantation on degraded wasteland. PM Modi also highlighted that the Green Credits Initiative surpasses the commercial nature of carbon credits. "Carbon credits, driven by a commercial mindset, have limited scope and lack associated responsibility. We need to move away from a destructive mindset that prioritises personal benefit," the prime minister said.
The Green Credits Initiative operates on the premise that environmental conservation is intertwined with personal growth, he further said. This initiative involves creating an inventory of degraded wastelands, which can be utilised for planting by individuals and organisations. Participants undertaking environmentally positive actions will receive tradable green credits.
The entire process, from registration to plantation, verification, and issuance of green credits, will be digitised. This platform aims to influence global policies, practices, and the demand for green credits. The Green Credits Initiative mirrors the Green Credit Programme launched domestically in October. It's a pioneering market-based mechanism rewarding voluntary environmental actions in various sectors by individuals, communities, and the private sector.