What's green credits, climate financing on PM Modi's COP28 agenda
What's the story
Prime Minister Narendra Modi received a grand welcome as he touched down in Dubai on Friday to participate in the World Climate Action Summit at the 28th United Nations Climate Change Conference, commonly called COP28.
He was invited by United Arab Emirates (UAE) President Sheikh Mohamed bin Zayed Al Nahyan, along with several other world leaders.
On his arrival, PM Modi posted on X saying, "Looking forward to...proceedings of the summit, which are aimed at creating a better planet."
Context
Why does this story matter?
The Conference of the Parties (COP) is the highest decision-making body of the United Nations Framework Convention on Climate Change (UNFCCC) under an international environmental treaty established to combat climate change.
Last month, the global temperatures exceeded 2 degrees Celsius above the pre-industrial levels, making the world hotter than ever recorded.
Apart from disrupting the environment and causing the loss of biodiversity, climate change will disproportionately affect developing and underdeveloped countries, with developed countries responsible for the biggest carbon footprints.
Details
PM Modi's packed schedule at COP28
During his whirlwind 21-hour visit, PM Modi is set to deliver four speeches, attend two climate-focused initiatives, and hold seven bilateral meetings.
He's expected to advocate for the Global Biofuels Alliance (GBA), introduced in September at the G20 Summit in New Delhi.
PM Modi will also promote climate finance and unveil the Green Credit Initiative alongside the UAE.
Additionally, he will launch LeadIT 2.0, a leadership group for energy transition, at an event co-hosted by India and Sweden.
What Next?
What is the Green Credit Program?
The Green Credit Initiative builds on the Green Credit Program, a market-driven mechanism encouraging voluntary eco-friendly actions by individuals, communities, private-sector industries, and companies.
The goal is to inspire stakeholders to embrace sustainable practices and reward them with green credits, which could be used as tradable commodities in the domestic market.
The Union Ministry of Environment, Forest and Climate Change launched the Green Credit Program in October under its broader Lifestyle for Environment or Life Movement.
Details
What is Global Biofuels Alliance?
The GBA was proposed under India's G20 presidency following the launch of the International Solar Alliance in 2015.
It aims to promote the collective development and adoption of sustainable biofuels along with setting the framework for standards and certification.
It has been backed by the G20 member countries and some non-member countries as well.
However, the GBA has yet to receive support from the Organization of Petroleum Exporting Countries (OPEC), especially Saudi Arabia and Russia.
Insights
Protecting India's interests at COP28
India has faced calls to cut back on coal consumption but its per capita emission is significantly below the global average.
Foreign Secretary Vinay Kwatra said coal is and would remain an important part of India's energy mix to meet the country's developmental priorities.
PM Modi is likely to defend India's stance on methane production to safeguard farmers and livestock. He is also likely to push for climate financing while showcasing India's current achievements concerning its funds.
Facts
India aims to reduce its carbon footprint to net zero
In the 2021 UN Climate Summit, PM Modi ambitiously pledged to make India's carbon footprint net zero by 2070.
Other commitments include sourcing 50% of India's energy from renewables by 2030 and cutting projected carbon emissions by 1 billion tons within the same timeframe.
India, along with Sweden, initiated LeadIT 2.0 at the 2019 UN Climate Action Summit in New York. It encourages collaboration between public and private sector decision-makers to expedite the industry's shift to net-zero emissions.