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.