Context:
At COP-28, Indian PM called world’s countries to join India on its “Green Credit initiative” which was a “non-commercial” effort to create a carbon sink.
Green Credits initiative:
- A voluntary program initiated by the government to incentivize various stakeholders in contributing to environmental preservation and sustainable practices.
- Launched by – Ministry of Environment
- Administered by – Indian Council of Forestry Research and Education (ICFRE)
- Green Credit refers to a unit of incentive provided to individuals and entities engaged in activities that deliver a positive impact on the environment.
- Part of ‘LiFE’ campaign (Lifestyle for Environment)
- Covers 8 key types of activities – Tree Plantation, Water Management, Sustainable Agriculture, Waste Management etc.
- Calculation of Green Credit is determined by factors – resource requirements, scale, scope, size, and other relevant parameters.
- Green Credit Registry – Tracks and manages earned credits.
- Trading platform– enables the trading of Green Credits on a domestic market.
- Operates independently of the carbon credits provided under the Carbon Credit Trading Scheme, 2023.
Must Read: Green Credit Programme (GCP)
ALTÉRRA:
- Announced by – United Arab Emirates
- US$30 billion commitment to an investment fund.
- Aim – To mobilise US$250 billion globally by 2030 and be the largest of its kind, geared towards climate investments and transform emerging markets and developing economies.
- Established by – Lunate (an independent global investment manager)
Green Climate Fund (GCF):
- Part of the financial mechanism of the UN Framework Convention on Climate Change (UNFCCC) and Paris Agreement.
- Aim – To limit or reduce greenhouse gas (GHG) emissions in developing countries and to help vulnerable societies adapt to the unavoidable impacts of climate change.
- GCF is currently the world’s largest dedicated multilateral climate fund.
Adaptation Fund (AF):
- Established under the Kyoto Protocol in 2001
- Supervised and managed by – Adaptation Fund Board (AFB)
- Committed US$ 532 million to climate adaptation and resilience activities.
Source: The Hindu
Previous Year Question
“Climate Action Tracker” which monitors the emission reduction pledges of different countries is a:
[UPSC Civil Services Exam – 2022 Prelims]
(a) Database created by coalition of research organisations
(b) Wing of “International Panel of Climate Change”
(c) Committee under “United Nations Framework Convention on Climate Change”
(d) Agency promoted and financed by United Nations Environment Programme and World Bank
Answer: (a)
