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India’s Green Credit Programme

Santhosh Kumar 29/06/2023
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India’s Green Credit Programme upsc notes Context Union Budget 2023-24 announcement MoEFCC notified draft Green Credit Programme (GCP) Implementation rules 2023 Source: TP Green Credit Programme (GCP) Individuals, industries, FPOs ULBs, gram panchayats Private sectors, etc. Tradable on domestic market platform Follows LiFE principle Lifestyle for Environment Encourage sustainable lifestyles Driving behavioural changes Incentivise environment-friendly practices Administration Indian Council for Forestry Research and Education Autonomous organisation Under MoEFCC 8 sectors for generating credits Tree plantation-based Green Credit Increase green cover Tree plantation, related activities Water-based Green Credit Water conservation, harvesting Water use efficiency/savings Treatment, reuse of wastewater Sustainable agriculture-based Green Credit Natural, regenerative agricultural practices Land restoration, improve productivity Improve soil health, nutritional value Waste management-based Green Credit Sustainable waste management practices Collection, segregation, treatment Air pollution reduction-based Green Credit Measures for reducing air pollution Other pollution-abatement activities Mangrove conservation-based Green Credit Conservation, restoration of mangroves Ecomark-based Green Credit Encourage eco-mark label For goods and services Sustainable building-based Green Credit Encourage construction Sustainable technologies, materials Objectives of GCP Market-based mechanism Incentivise voluntary environmental actions Encourage private sector, other entities Meet existing obligations Stemming from other legal frameworks GCP vs carbon markets Unlike carbon markets GHG emissions were traded GCP accounts for wide range actions Uniqueness of GCP globally Significance of the GCP First-of-its-kind instrument Value, reward multiple ecosystem services Allow green projects Achieve optimal returns beyond carbon Allow project proponents Access carbon markets additionally Similar mechanisms elsewhere In France, Germany, Sweden Concerns Good intent but challenging implementation Difficulty establishing equivalence Between various actions Monitoring, reporting, verification challenges Risk of greenwashing Way ahead Build capacity to monitor Prevent fraud Save resources for more transformational Pollution control, biodiversity protection

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