“In his impactful address at the opening session of COP28, PM Narendra Modi emphasized India’s unique position in global emissions footprint, constituting 17% of the population but contributing less than 4% to carbon emissions. He highlighted India’s successful model of balanced development, harmonizing ecology and economy, achieving emission intensity targets over a decade ago. PM Modi celebrated India’s early achievement of emission intensity targets, set 11 years ago, and reiterated the nation’s commitment to tripling renewable energy sources by 2023. Commending India’s progress towards meeting its Nationally Determined Contribution targets, he proposed hosting COP33 in 2028, showcasing the country’s commitment to global climate leadership. PM Modi again established his unique leadership by articulating India’s leadership position in the global climate action movement and environmental stewardship.
A central theme of the speech was the Green Credit Initiative, a groundbreaking domestic voluntary environmental market mechanism. This initiative focuses on water conservation, clean air and afforestation, utilizing green credits as tradable commodities within a domestic market platform. PM Modi called for ‘Jan Bhagidari’ or people’s participation to create carbon sinks and rectify past environmental mistakes. Expressing gratitude for global support, PM Modi outlined a vision for net-zero emissions by 2070. He stressed the importance of protecting everyone’s rights and ensuring equal participation for the greater global good. The speech encapsulated a call for collective action and showcased India’s commitment to pro-planet, pro-active initiatives for a positive and sustainable future. We eagerly anticipate substantial progress at both the global and Indian levels during COP28.”
By Manish Dabkara, Chairman and MD of EKI Energy
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