Green Credit Initiative To Proposal To Host 2028 UN Climate Talks — Highlights Of PM Modi's COP28 Dubai Visit
During his visit, PM Modi proposed to host the UN climate conference in 2028, and also launched a 'Green Credit Initiative'.
PM Modi Dubai Visit: Prime Minister Narendra Modi returned to India after concluding a visit to Dubai where he took part in COP28 Summit. During his visit the Prime Minister proposed to host the UN climate conference in 2028, and also launched a 'Green Credit Initiative' focused on creating carbon sinks through people's participation. He also underlined the issue of climate change and highlighted that India is among the only few countries in the world on track to fulfil its climate pledges, Prime Minister Narendra Modi on Friday
Highlights From PM Modi's UAE Visit
PM Modi Urges For Reduction In Carbon Footprint 'Well Before' 2050
PM Modi took part in multiple high-level events on the second day of the UN climate conference (COP28). He asserted that rich nations should completely reduce their carbon footprint “well before” 2050 and give all developing countries their fair share in the global carbon budget. He further urged countries to deliver a concrete outcome on finance to help developing and poor nations combat climate change at COP28.
Green Credits Initiative A Pro-Planet, Proactive And Positive Initiative: PM Modi
PM Modi also made a mention of the Green Credits Initiative and said that it is a pro-planet, proactive and positive initiative, that goes beyond the commercial mindset associated with carbon credits. The Green Credit 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.
Addressing the high-level segment for heads of state and governments, PM Modi said, “It focuses on creating carbon sinks through people's participation and I invite all of you to join this initiative,” Modi said. He underscored that the world does not have much time to correct the mistakes of the last century.
PM Modi, Swedish PM Ulf Kristersson Launched LeadIT 2.0
PM Modi, along with Swedish Prime Minister Ulf Kristersson, launched LeadIT 2.0, an initiative aimed at co-developing and transferring low-carbon technology, which would also offer financial support for industry transition in developing nations. Addressing a session on 'Transforming Climate Finance', PM Modi said India expects concrete and real progress on the New Collective Quantified Goal (NCQG), a fresh post-2025 global climate finance target to better meet the needs of developing countries.
No Shortfall Of Money In Green Climate Fund And Adaptation Fund: PM Modi
PM Modi also said that there should be no shortfall of money in the Green Climate Fund and the Adaptation Fund and that these be immediately replenished. According to news agency PTI, the Green Climate Fund, which was proposed at the 2009 climate talks in Copenhagen and began raising money in 2014, hasn’t come close to its goal of USD 100 billion annually. The Adaptation Fund is a UN-backed fund that provides grants and loans to help developing countries adjust to climate impacts.
On day one of the Conference, countries clinched an early deal on the operationalisation of the Loss And Damage Fund with several nations including the host UAE, Germany, UK and USA pledging contributions, totalling to more than USD 400 million.
Asserting that India has presented a great example to the world of striking balance between development and environment conservation, the Prime Minister said, India is among the only few countries in the world on track to achieve its Nationally Determined Contributions or the national action plans to restrict global warming to 1.5 degrees Celsius, the guardrail to avoid worsening of the impact of the changing climate.
'Energy Transition Must Be Just And Inclusive': PM Modi Bats For Maintaining Balance Between Mitigation And Adaptation
The Prime Minister called for maintaining a balance between mitigation and adaptation and said that energy transition across the world must be "just and inclusive.” He also called rich countries to transfer technologies to help developing nations combat climate change. PM Modi has been championing the Lifestyle for Environment (LiFE movement), which he had announced at the Glasgow COP in 2021), urging countries to adopt planet-friendly living practices and move away from deeply consumerist behaviour.
PM Modi also highlighted that India is home to 17 per cent of the world's population, but its share of global carbon emissions is less than 4 per cent. "India is one of the very few economies in the world that is on track to achieve its NDC targets," he said, as quoted by PTI.
India achieved its emissions intensity-related targets 11 years ahead of the committed time frame and non-fossil fuel targets nine years ahead of schedule. "And India did not just stop there, we remain ambitious," he said.
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