Green Credit Program: A Novel Initiative for Environmental Conservation in India

In the face of growing environmental concerns, India has been taking proactive steps towards promoting sustainable practices and environmental conservation. One such initiative is the Green Credit Program (GCP), introduced by the Ministry of Environment, Forest and Climate Change.

The GCP is an innovative market-based mechanism designed to incentivize voluntary environmental actions across diverse sectors. The program encourages stakeholders like individuals, communities, private sector industries, and companies to undertake environmentally friendly practices.

In its initial phase, the GCP focuses on two key activities: water conservation and afforestation. These activities are crucial for maintaining ecological balance and promoting biodiversity. The program has developed draft methodologies for awarding Green Credits, setting benchmarks for each activity/process to ensure environmental impact and fungibility across sectors.

A user-friendly digital platform will streamline the processes for registration of projects, its verification, and issuance of Green Credits. The Green Credit Registry and trading platform, being developed by ICFRE along with experts, would facilitate the registration and thereafter, the buying and selling of Green Credits.

To obtain Green Credits, individuals and entities must register their activities through the central government’s dedicated app/website. The Administrator will verify the activity through a designated agency, with self-verification for small projects. Once verification is complete, the Administrator will grant a Green Credit certificate which will be tradable on the green credit platform.

The GCP is a testament to India’s commitment to environmental sustainability. By incentivizing green practices, the program not only promotes environmental conservation but also encourages participation from various sectors of society. This initiative serves as an example of how innovative solutions can effectively address environmental challenges.

Reference:

1. Notification issued for Green Credit Program (GCP) and Ecomark scheme Under LiFE Initiative to Promote Sustainable Lifestyle and Environmental Conservation. PIB Delhi.
2. India’s Green Credit Programme - INSIGHTSIAS
   
3. Green Credit Programme: India’s Path to Sustainability
   
4. What is the Green Credit Programme? - Down To Earth