Dubai [UAE], December 1 (ANI): Noting that the purview of carbon credit is very limited which could be marked by a lack of a sense of social responsibility, Prime Minister Narendra Modi on Friday called for emphasis on a new philosophy in a holistic manner, stating that this is the foundation of ‘Green Credit’.
Speaking at the high-level event on the Green Credits Programme at the COP-28 World Climate Action Summit, PM Modi said the manner in which people give importance to Health Card in their lives, there is a need to similarly start thinking in the context of the environment.
Prime Minister Narendra Modi, along with Sweden’s PM Ulf Kristersson, President of Mozambique Filipe Jacinto Nyusi and European Council president Charles Michel, launched the web portal of Green Credits Programme at the COP28 World Climate Action Summit in Dubai.
“The manner in which we give importance to our Health Card in life, we have to similarly start thinking in the context of environment. We will have to see what is to be done to add positive points to Earth’s Health Card. I think this is what Green Credit is,” PM Modi said.
“I have always felt that the purview of carbon credit is very limited. In a way, this philosophy is influenced by the commercial element. I have seen a major lack of a sense of social responsibility in the system of carbon credit. We will have to emphasize on a new philosophy in a holistic manner and that is the foundation of Green Credit,” he added.
PM Modi together with President Sheikh Mohammed bin Zayed Al Nahyan of UAE, co-hosted the High-level event on ‘Green Credits Programme’ at COP-28.
The event saw participation of Sweden Prime Minister, Mozambique President and President of the European Council.
Prime Minister invited all nations to join this initiative.
A Ministry of External Affairs release said that the Green Credit Initiative has been conceptualized as a mechanism to incentivize voluntary pro-planet actions, as an effective response to the challenge of climate change.
It envisions the issue of Green Credits for plantations on waste/degraded lands and river catchment areas, to rejuvenate and revive natural eco-systems.
The web platform launched today would serve as a repository of policies and best practices that incentivize environment-friendly actions.
The release said that the global initiative aims to facilitate global collaboration, cooperation and partnership through exchange of knowledge, experiences and best practices in planning, implementation and monitoring of environment positive actions through programmes and mechanisms like Green Credits.
On the opening day COP28, UAE backed a crucial decision to make the loss and damage fund for developing nations operational. The fund is aimed at giving financial assistance to countries recovering from climate disasters. It will also be used to deal with other climate-related emergencies.
COP28 is being held from November 28-December 12 under the Presidency of the UAE. The Conference of Parties to the UNFCCC provides a unique opportunity to impart momentum for collective action towards combating the shared challenge of climate change.
PM Modi earlier said that India is among the few countries which is on course to meet its Intended Nationally Determined Contribution (NDC) as part of efforts to combat climate change and proposed that the country will host COP33 in 2028. (ANI)
