Explained | What is PM Modi's Green Credits initiative?

Dubai: Prime Minister Narendra Modi on Friday launched an initiative focusing on generating Green Credits through plantation on degraded wasteland.

During a high-level event at the ongoing climate talks or COP28 in Dubai, he 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 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.

The prime minister also announced the launch of a global portal to collect ideas, knowledge, and experiences related to tree planting and environmental conservation.

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.