National Green Credit Programme

In a move to promote environmental sustainability, the Indian Government has introduced a national Green Credit programme. This program, following the ‘LiFE’ (Lifestyle for Environment) campaign, employs a market-based approach to encourage environmental initiatives by various stakeholders. The Green Credit initiative is voluntary and aims to reward eco-friendly actions across eight specific activity categories.

The Eight Activity Categories

1. Tree Plantation
   • Objective: Increasing the green cover across the country.
2. Water Management
   • Objective: Promoting water conservation, harvesting, and efficiency, including wastewater treatment and reuse.
3. Sustainable Agriculture
   • Objective: Encouraging natural and regenerative agricultural practices, land restoration, and improving productivity, soil health, and food quality.
4. Waste Management
   • Objective: Advancing sustainable waste management practices, such as collection, segregation, and eco-friendly disposal.
5. Air Pollution Reduction
   • Objective: Promoting measures to reduce air pollution and mitigate other environmental pollution.
6. Mangrove Conservation and Restoration
   • Objective: Conservation and restoration of mangroves, vital for coastal ecosystems.

Green Credit Process

• Interested parties must electronically register their activities with the Administrator through a dedicated website.
• Designated agencies will verify the activity, and based on their report, the Administrator will issue a Green Credit certificate.
• The calculation of Green Credit considers factors like resource requirements, scale, scope, size, and other parameters necessary to achieve the intended environmental outcome.

Green Credit Registry and Trading Platform

• The Administrator will establish and maintain a Green Credit Registry and trading platform.

Incentives and Tradable Green Credits

• The Green Credit programme employs a market-based mechanism to incentivize environmentally-positive actions.
• Green credits earned can be traded on a domestic market platform.
• The initiative encourages industries, companies, and other entities to fulfill existing obligations under current laws.
• It also encourages voluntary environmental measures through the generation or purchase of green credits.
• However, credits obtained to meet legal obligations cannot be traded.

Independence from Carbon Credits

• The Green Credit programme operates independently of the Carbon Credit Trading Scheme of 2023 under the Energy Conservation Act of 2001.
• Activities generating green credits may also have climate co-benefits, such as reducing or removing carbon emissions, which can lead to obtaining additional carbon credits.

Month: Current Affairs - October, 2023

Category: India Nation & States Current Affairs