Green Credit Programme
08.04.2024
Green Credit Programme
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Why in the news?
Recently, the Union Ministry of Environment, Forest and Climate Change announced the rules for its Green Credit Programme (GCP).
About Green Credit Program:
- The Green Credit Program is an initiative of the Union Ministry of Environment, Forest and Climate Change in India, which aims to promote voluntary environmental actions by individuals, industries and local authorities in various sectors.
- The "Green Credit Programme" (GCP) was launched in the Union Budget 2023–24 by Finance Minister Nirmala Sitharaman.
- Green credit refers to a unit of incentive provided to individuals and entities engaged in activities that have a positive impact on the environment.
- It is a voluntary program launched by the government to encourage various stakeholders to contribute to environmental protection and sustainable practices.
- The calculation of green credit will be based on equality of resource requirement, equality of scale, scope, size and other relevant parameters required to achieve the desired environmental outcome.
- The program is part of the wider 'LiFE' (Lifestyle for the Environment) campaign and encourages and rewards voluntary eco-friendly actions.
- The Green Credit Program covers eight major types of activities aimed at enhancing environmental sustainability.
Major activities included in the Green Credit Program:
Sustainable agriculture
Tree planting
Water management
Waste management
Reducing air pollution
Mangrove conservation and restoration
Development of eco mark labels.
Sustainable buildings and infrastructure.
Function of Green Credit Programme:
- The Green Credit Program Administrator will collect the environment compensation and deposit it in a separate dedicated account.
- This fund will be used for activities related to the implementation of the Green Credit Programme.
Benefits of Green Credit Program:
- This allows forests to be traded as a commodity.
- This allows the forest department to outsource one of its responsibilities of reforestation to non-government agencies.
- This will encourage tree plantation by individuals outside the traditional forest area.
- This will help meet international commitments such as the Sustainable Development Goals and Nationally Determined Contributions.
Source: The Hindu