Prime Minister Narendra Modi recently launched an innovative initiative focusing on generating Green Credits through plantation on degraded wastelands. This program is a significant step towards environmental sustainability and aligns with the global movement for climate change mitigation.
Overview of the Green Credit Program (GCP)
- Launch and Concept: The Green Credit Program was officially notified on October 13, 2023, as part of India’s pro-active approach to address climate change and promote eco-conscious practices. It was announced during the COP28 climate talks.
- Objective: The GCP aims to incentivize voluntary environmental actions across various sectors. This includes individuals, communities, private sector industries, and companies.
- Governance: The program’s governance framework includes an inter-ministerial Steering Committee, and The Indian Council of Forestry Research and Education (ICFRE) serves as the GCP Administrator.
- Focus Areas: Initially, the GCP is focusing on water conservation and afforestation. Methodologies for awarding Green Credits are being developed and will be opened for stakeholder consultation.
- Registration and Verification: Entities must register their activities on the government’s dedicated app/website. Activities will be verified through a designated agency, with self-verification for small projects.
- Tradability: Once verified, entities will receive a Green Credit certificate, which will be tradable on a dedicated platform developed by ICFRE.
Ecomark Scheme
- Philosophy and Purpose: In alignment with the ‘LiFE’ (Lifestyle for Environment) concept, the Ecomark Scheme aims to encourage consumer choices towards eco-friendly products.
- Implementation: The scheme, notified alongside the GCP, provides accreditation and labelling for household and consumer products that meet specific environmental criteria.
- Administration: It is administered by the Central Pollution Control Board in partnership with the Bureau of Indian Standards (BIS).
Sectors and Activities Covered
- Identified Sectors: The program covers a range of sectors, such as tree plantation, water conservation, sustainable agriculture, waste management, air pollution reduction, mangrove conservation, sustainable building, and more.
- Eligibility for Credits: Various stakeholders, including individuals, industries, farmers, urban local bodies, and private sectors, can earn green credits for environment-friendly actions like tree planting, water conservation, and waste management.
Financial Allocation and Implementation
- Budget Allocation: In the Union Budget 2023, Finance Minister Nirmala Sitharaman allocated Rs 35,000 crore to support the initiative, aiming to achieve energy transition and net-zero emissions.
- Draft Rules and Implementation: The draft rules for the Green Credit Programme were released by the Ministry of Environment and Forests, highlighting the decision to establish a domestic voluntary market mechanism for Green Credits.
Significance and Future Prospects
- Environmental Impact: The program is designed to go beyond carbon credits, encompassing major attributes of environmental and social sustainability.
- Climate Co-Benefits: Activities generating Green Credits may also qualify for Carbon Credits, offering dual benefits in climate mitigation.
- Development of Standards: Thresholds and benchmarks for each Green Credit activity will be established to ensure their effective implementation and monitoring.
This initiative marks a significant step in India’s journey towards sustainable living and environmental conservation. It not only encourages individual and collective eco-friendly practices but also aligns with India’s commitment to global sustainability goals.