Context:
India launched Global Green Credit Initiative (GGCI) at COP 28 (UAE) of United Nations Framework Convention on Climate Change (UNFCCC).
About Global Green Credit Initiative (GGCI):
- It will serve as the international platform for dialogue, collaboration, and the exchange of innovative environmental programs and instruments.
- Referred as Global Platform for Nature’s Ecological Transformation.
- GGCI is aligned with the principles of the Green Credit program (GCP).
- Aim – To replace conventional approach of focusing on carbon emissions to recognizing and incentivizing a broader spectrum of efforts.
- Key Purposes –
- Science: Sharing of global technical know-how and experiences.
- Policy: Shaping green credit policy instruments.
- Supporting implementation (practice component): Creating one common value chain to connect communities, self-help groups, etc. with companies/corporates and other stakeholders who can participate in the program through one marketplace.
- Benefits – Knowledge Sharing, innovative solutions, collective actions, and participating countries can assert global leadership in providing environmental solutions.
Must Read: Green Credit Programme (GCP) | Green Credits initiative
Source: PIB
Previous Year Question
With reference to the ‘New York, Declaration on Forests’, which of the following statements are correct?
1. It was first endorsed at the United Nations Climate Summit in 2014.
2. It endorses a global timeline to end the loss of forests.
3. It is a legally binding international declaration.
4. It is endorsed by governments, big companies and indigenous communities.
5. India was one of the signatories at its inception.
Select the correct answer using the code given below.
[UPSC Civil Services Exam – 2021 Prelims]
(a) 1, 2 and 4 only
(b) 1, 3 and 5 only
(c) 3 and 4 only
(d) 2 and 5 only
Answer: (a)
