Encourage the development of plantations., Prime Minister Narendra Modi unveiled a Green Credit Program during his two-day attendance at the United Nations climate conference in the United Arab Emirates.
The aim to introduce this green credit mechanism to lessen carbon emissions, apart from delivering a speech at the inaugural ceremony of the World Climate Action Summit, Beyond emphasizing the importance of collective action to roll out a dedicated climate initiative focused on mitigation strategy for industries, as disclosed by India’s Foreign Secretary Vinay Mohan Kwatra during a media interaction on Thursday.
The 28th Conference of the Parties (COP28), established and governed under favor of the United Nations Framework Convention on Climate Change (UNFCCC), is occurring in Dubai from November 30 to December 12
In the initial two days at the conference, PM Modi will unveil a national statement summarizing India’s climate-related endeavors. Besides his address at COP28, he will also engage in three notable side events, two of which India is c0-organizing, “Kwatra commented”. The opening of a high-level event, jointly organized by India and UAE heralds the initiation of the Green Credits Initiative.
In October, the environment ministry introduced a new green credits program, defined as a ‘financial instrument intended to’ foster responsible environment behavior within a different business segment.
The sustainability program was implemented and developed by a broad spectrum of participants, encompassing individuals and communities, and private sector industries as per the Ministry of Environment, Forest and Climate Change.
LeadIT 2.0 aims to expedite the metamorphosis of industries to net-zero emissions by nurturing partnerships among decision-makers and unifying businesses from public and private domains.
Building upon the success of the Green Credit Program, the Green Credit initiatives will enlarge the scope of eligible activities and increase financial incentives for participating businesses, also seeks to incentivize the creation of plantations on barren and degraded lands by awarding green credits for establishing plantations, revitalizing these ecosystems mentioned by Kwatra.
Although, will also introduce a novel initiative named LeadIT 2.0 during an event arranged by India and Sweden. According to the Foreign Secretary mentioned about LeadIT 2.0 also stands for Transition Leadership for Group for Industry. This will aid in driving the transformation of heavy industries to net zero emissions by 2050, Originating from a collaborative effort between India and Sweden at the 2019 UN Climate Action Summit.
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In addition, PM Modi will attend another prominent event, Transforming Climate Finance, held under the auspices of the COP28 Presidency. Consistently championed climate action, as evidenced by his attendance at the COP21 conference in Paris in 2015 and the COP26 conference in Glasgow in 2021.
