Indian Prime Minister Narendra Modi proposed that India would host COP33 in 2028, while addressing the COP28 climate conference being held at Expo City, Dubai.

Although India makes up 17% of the global population, its share of global carbon emissions is less than 4%, he said.

Addressing world leaders on day two of the summit, Modi spoke about India launching the green credit initiative, which was first announced in October, alluding to a market-based mechanism designed to incentivise voluntary environmental actions across sectors. These green credits function as tradable commodities, which can be sold on a domestic market platform.

Modi also confirmed, India was on course to achieve its Net Zero targets by 2070. He said that the country has set targets to bring emission intensity down by 45% by 2030, increase share of non-fossil fuels to 50%.

The Indian PM also added that India was on track to achieve its Nationally Determined Contribution targets.

He said climate finance commitment globally should be scaled up from billions to several trillions. 

(Reporting by Bindu Rai, editing by Seban Scaria)