• UGI USER
  • Dec 01, 2023
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Prime Minister to also launch Green Credit Initiative at COP28 climate conference

News:

The Green Credit Initiative will be introduced by the prime minister today at the COP28 climate conference in Dubai.

About Green Card Initiative:

  • India and the UAE are co-hosting this significant COP28 event.
  • This joint project adheres to the guidelines of the Ministry of Environment and Climate Change’s Green Credit program.
  • The Union Ministry of Environment, Forests, and Climate Change unveiled the Green Credit Program on October 13, 2023. It is a part of the government’s larger Lifestyle for Environment or Life Movement;
  • At the outset, the Green Credit Program prioritizes two crucial actions: conserving water and planting trees.
  • Functionality: Essentially, this ground-breaking initiative functions as a cutting-edge, market-driven tool that has been painstakingly designed to promote voluntary environmental actions in a variety of sectors, involving people, businesses, and local government entities;
  • Green Credits:
    • The program uses green credits, which are unique units linked to particular environmental activities, to operate as a domestic voluntary market mechanism.
    • These green credits can be traded like commodities and sold on domestic markets.

About the Program:

  • The program lists eight distinct activities: It includes planting trees, conserving water, practicing sustainable agriculture, managing waste, reducing air pollution, conserving and restoring mangroves, participating in Eco Mark (a government initiative to identify environmentally friendly products), and developing sustainable buildings and infrastructure.
  • Program administrator: The Indian Council of Forestry Research and Education is in charge of overseeing the Green Credit Program.
Indian Council of Forestry Research and Education (ICFRE)

●   Under the MoEFCC, the Indian government, the ICFRE is an autonomous body;

●   With its headquarters situated in Dehradun;

●   Primary Functions: It includes conducting research on forestry, disseminating developed technologies to Indian states and other agencies, and providing forestry education.

●   Work in respect to Green Credit Initiative:

○   This institute is entrusted with creating thorough policies, procedures, and processes that will ensure successful execution.

○   The institute will also set standards and procedures, managing the registration procedure and related mechanisms for measurement, reporting, and verification.
The main goal of the program is to encourage a wide range of stakeholders to actively participate in voluntary environmental actions by utilizing a competitive market-based approach.

○   It is commonly recognized that this shift away from the traditional emphasis on carbon emissions represents a paradigm shift, acknowledging and rewarding a wider range of initiatives, such as waste management and water conservation.