Global Green Credit Initiative

December 5, 2023

The Indian PM together with President Sheikh Mohammed bin Zayed Al Nahyan of UAE, co-hosted the High-level event on ‘Green Credits Programme’ at COP-28, in Dubai.
The Global Green Credit 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 programs/mechanisms like Green Credits.
It is also referred as Global Platform for Nature’s Ecological Transformation.
The Green Credits initiative envisions a market-based approach to rewarding individuals, communities, and organisations for undertaking environmentally positive actions.
- These actions could include afforestation, water conservation, and sustainable waste management practices, among others.
Participants in the program will earn tradeable Green Credits, which can be used to offset carbon emissions or sold to entities seeking to reduce their environmental footprint.
This mechanism aims to create a financial incentive for individuals and organisations to adopt sustainable practices and contribute to environmental conservation.
The Green Credits system will be a fully digital and tradeable instrument for environmental sustainability.
- The entire process, from registration to verification and issuance of green credits, will be done online.
The Green Credits initiative has already been launched in India, and the PM has invited countries around the world to join it.
- It has been notified through Green Credit Rules, 2023 by the Ministry of Environment and Climate Change under the Environment Protection Act, 1986.
In the first phase, it envisions the issuance of Green Credits for plantation on waste/degraded lands and river catchment areas, to rejuvenate and revive natural ecosystems and create voluntary carbon sinks.
- The end goal is to contribute to a healthier planet and a more sustainable future for all.
Difference between Crbon Credits and green credits
- Carbon credits, with their established international and national trading systems, focus on reducing or offsetting carbon dioxide emissions.
- Green credits, on the other hand, have a broader scope, encompassing a wider range of environmental actions and extending beyond direct carbon emission reduction. They reward activities such as afforestation, water conservation, waste reduction, and biodiversity conservation.