Green Credit Program:
The Centre has approved 12 greening projects under the Green Credit Program (GCP), which was notified last year as a market-based mechanism designed to incentivize voluntary environmental actions across diverse sectors, officials aware of the development said.
- The GCP, notified on October 13, 2023, seeks voluntary participation in “environmental positive actions” such as afforestation, water conservation, waste management among others from PSUs, private industries, non-profits and individuals.
- The Green Credit Programme is an innovative market-based mechanism designed to incentivize voluntary environmental actions across diverse sectors.
- This programme was officially unveiled in October 2023 and has its provenance in Mission Life, a principle frequently articulated by Prime Minister Narendra Modi. Its goal is to lay an emphasis on sustainability, reduce waste and improve the natural environment.
- The GCP programme presents itself as an “innovative, market-based mechanism” to incentivise “voluntary actions” for environmental conservation.
- Under this, individuals, organisations and companies public and private would be encouraged to invest in sectors ranging from afforestation, water conservation, stemming air-pollution, waste management, mangrove conservation and in return be eligible to receive ‘green credits.’
- It complements the domestic carbon market by incentivizing sustainable actions by companies, individuals, and local bodies.
- An autonomous body of the Ministry, the Indian Council of Forestry Research and Education (ICFRE), is in charge of administering the programme.
- It is responsible for programme implementation, management, monitoring, and operation.
