The headline, "'Climate change: We are getting global north to pay for Indian farmers to adapt' - The Times of India," is not just a statement of intent; it's an acknowledgment of a long-overdue global rebalancing. For decades, the conversation around climate change has revolved around responsibility. It is only fair that nations that prospered from industrialization now help finance the adaptation efforts of those bearing the brunt of its consequences. The question, however, has always been: how?
How do we create a system that is efficient, transparent, and empowering, rather than a top-down model of aid? How do we translate financial commitment into tangible, on-the-ground change for a farmer in rural India?
This is where I feel a sense of validation, reflecting on ideas I have championed for some time. Last year, I wrote about the Indian government's groundbreaking initiative in my blog, "Two Sides of Same Coin ? Green Credit - Carbon Credit". The core concept was to create a market-based mechanism to incentivize positive environmental actions. Individuals and entities could earn tradable 'Green Credits' for activities like sustainable agriculture, water management, and afforestation.
At the time, I congratulated the ministers involved, Shri Bhupender Yadavji (mefcc@gov.in) and Shri Ashwini Kumar Choubeyji, for creating what I saw as a powerful incentive for millions of citizens. Today, I see that its potential is even greater—it could be the very blueprint for the international climate finance mechanism the world needs.
Imagine this: an Indian farmer adopts sustainable farming practices that improve soil health and conserve water. These actions are verified and generate Green Credits. These credits are then listed on a trading platform where a corporation in the Global North, seeking to meet its ESG (Environmental, Social, and Governance) targets or carbon neutrality pledges, can purchase them.
This isn't charity; it is a direct, market-driven transaction. It dignifies the farmer's work, provides a new stream of income, and directly funds climate adaptation where it is most needed. The framework I discussed in my previous blog offers the perfect vehicle to facilitate the flow of capital from the Global North to the Global South in a way that is both accountable and scalable.
Seeing the conversation shift towards making the Global North pay is heartening. But seeing that we already have the nascent architecture to make it happen is truly exciting. The Green Credit programme is not just a domestic policy; it's a potential international bridge, connecting local environmental stewardship with global climate responsibility.
Regards,
Hemen Parekh
Of course, if you wish, you can debate this topic with my Virtual Avatar at : hemenparekh.ai
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