Asserting that the world does not have much time to correct the mistakes of the last century, Prime Minister Narendra Modi on Friday announced a ‘Green Credit Initiative’ focused on creating carbon sinks through people's participation and also proposed to host the UN climate conference in 2028, or COP33, in India.
Addressing the high-level segment for heads of state and governments during the UN climate conference (COP28) here, Modi called for a pro-planet proactive and positive initiative and said the Green Credits Initiative goes beyond the commercial mindset associated with carbon credits.
"It focuses on creating carbon sinks through people's participation and I invite all of you to join this initiative," he said, stressing that the world does not have much time to correct the mistakes of the last century.
This initiative is similar to the Green Credit Programme, notified domestically in October. It is an innovative market-based mechanism designed to reward voluntary environmental actions in different sectors by individuals, communities and the private sector.
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.