• UGI USER
  • Dec 02, 2023
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GREEN CREDIT INITIATIVE

India’s PM launches ‘Green Credit Initiative’ at COP28 climate conference.

Aims to reshape global environmental policies and address limitations of the current carbon credit system.

Source : Greenclimateinitiative.org

About Green Credit Initiative?

  • Aims to create a carbon sink through voluntary environmental actions.
  • Focuses on generating “credits” for plantations on degraded lands and river-catchment areas.
  • Philosophy of Green Credit:New philosophy focusing on a holistic approach.A departure from the commercial nature of carbon credits, emphasizing social responsibility.
  • Key Feature:Fully digital and tradable instrument for environmental sustainability.
  • Launch of ‘Green Credit Portal‘ to document and showcase plantations and environmental projects.
  • PM describes ‘Green Credit’ as Earth’s health card.Instrumental for ensuring a greener, clearer, and better future.
  • The Green Credits Initiative mirrors the domestic Green Credit Programme launched in October.

Green Credit Program Overview:

  • Unveiled by the Union Ministry of Environment on October 13, 2023.
  • Part of the broader Lifestyle for Environment (LIFE) Movement.
  • Initial phase focuses on water conservation and afforestation.
  • Voluntary Market Mechanism:
    • Green credits assigned to specific environmental activities.
  • Tradable commodities in the domestic market platform.
  • Identified Activities:
    • Tree plantation, water conservation, sustainable agriculture, waste management, air pollution reduction, mangrove conservation, Eco Mark, and sustainable building and infrastructure.
  • Indian Council of Forestry Research and Education entrusted with program administration.Develops guidelines, processes, and procedures for effective implementation.
  • Objective of the Program:
    • Leverage a competitive market-based approach.
    • Motivate stakeholders to engage in voluntary environmental actions beyond carbon emissions.
  • Shift in Focus:
    • Paradigm shift from carbon-centric focus.
  • Recognizes and incentivizes broader efforts, including water conservation and waste management.
  • Entire process from registration to issuance of green credits will be digitized.
    • Ensures transparency and efficiency in the implementation of the Green Credit Initiative.
  • Global Portal Launched To collect ideas, knowledge, and experiences related to tree planting and environmental conservation.