Participating in multiple high-level events on the second day of the UN climate conference (COP28) here, PM Modi said rich nations should completely reduce their carbon footprint “well before” 2050 and give all developing countries their fair share in the global carbon budget.
Highlighting that India is among the only few countries in the world on track to fulfill its climate pledges, Prime Minister Narendra Modi on Friday proposed to host the UN climate conference in 2028 and also launched a 'Green Credit Initiative' focused on creating carbon sinks through people's participation.
Participating in multiple high-level events on the second day of the UN climate conference (COP28) here, the Prime Minister said rich nations should completely reduce their carbon footprint “well before” 2050 and give all developing countries their fair share in the global carbon budget.
He also urged countries to deliver a concrete outcome on finance to help developing and poor nations combat climate change at COP28.
Addressing the high-level segment for heads of state and governments, Modi said the Green Credits Initiative is a pro-planet, proactive, and positive initiative, that goes beyond the commercial mindset associated with carbon credits.
“It focuses on creating carbon sinks through people's participation and I invite all of you to join this initiative,” Modi said, stressing that the world does not have much time to correct the mistakes of the last century.
If India's proposal to host the UN climate conference in 2028 or COP33 is accepted, it would be the next big global conference in the country after the G20 Summit earlier this year.
India hosted COP8 in New Delhi in 2002 where countries adopted the Delhi Ministerial Declaration which called for efforts by developed countries to transfer technology and minimise the impact of climate change on developing countries.
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PM Modi, along with Swedish Prime Minister Ulf Kristersson, launched LeadIT 2.0, an initiative aimed at co-developing and transferring low-carbon technology, which would also offer financial support for industry transition in developing nations.
Addressing a session on 'Transforming Climate Finance', Modi said India expects concrete and real progress on the New Collective Quantified Goal (NCQG), a fresh post-2025 global climate finance target to better meet the needs of developing countries.
Rich nations pledged in 2009 to raise USD 100 billion annually by 2020 to assist developing countries in combating and adjusting to climate change. Despite extensions to 2025, these nations have not met this commitment.
COP28 aims to establish the groundwork for a fresh post-2025 global climate finance goal, succeeding the USD 100 billion target. Countries aim to finalise this new goal by COP29 in 2024.
Modi also said that there should be no shortfall of money in the Green Climate Fund and the Adaptation Fund and that these be immediately replenished.
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The Green Climate Fund, which was proposed at the 2009 climate talks in Copenhagen and began raising money in 2014, hasn’t come close to its goal of USD 100 billion annually.
The Adaptation Fund is a UN-backed fund that provides grants and loans to help developing countries adjust to climate impacts.
Asserting that India has presented a great example to the world of striking balance between development and environmental conservation, the Prime Minister said, India is among the only few countries in the world on track to achieve its Nationally Determined Contributions or the national action plans to restrict global warming to 1.5 degrees Celsius, the guardrail to avoid worsening of the impact of the changing climate.
PM Modi was the only leader to join COP28 President Sultan Al Jaber on the stage along with the UN Climate Change Executive Secretary Simon Steill at the opening plenary.
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 "COP28 Summit: PM Modi proposes hosting COP33 in India in 2028, unveils 'Green Credit Initiative'")
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