Dubai: Today, Prime Minister Narendra Modi is scheduled to participate in an important event jointly hosted by India and the UAE at COP28. This collaborative endeavor aligns with the principles of the Green Credit program, introduced by the Ministry of Environment and Climate Change.
Unveiled on October 13, 2023, by the Union Ministry of Environment, Forest and Climate Change, the Green Credit Program is an initiative within the government’s broader Lifestyle for Environment or Life Movement. In its initial phase, the Green Credit Program gives priority to two essential activities: water conservation and afforestation. At its essence, this innovative program serves as a pioneering market-based instrument meticulously crafted to encourage voluntary environmental actions across various sectors, involving individuals, industries, and local bodies.
Operating as a domestic voluntary market mechanism, the program utilizes green credits as distinctive units assigned to specific environmental activities. These green credits function as tradable commodities, which can be sold on a domestic market platform.
The program identifies eight specific activities, encompassing tree plantation, water conservation, sustainable agriculture, waste management, air pollution reduction, mangrove conservation and restoration, Eco Mark (a government scheme for identifying environmentally friendly products), and sustainable building and infrastructure. Each activity is subject to predefined thresholds and benchmarks.The administration of the Green Credit Program is entrusted to the Indian Council of Forestry Research and Education.Vinod Kumar This institute acts as the program’s administrator, tasked with developing comprehensive guidelines, processes, and procedures for effective implementation. Furthermore, the institute will establish methodologies and standards, overseeing the registration process and associated measurement, reporting, and verification mechanisms.
The program’s overarching objective is to leverage a competitive market-based approach, motivating a diverse array of stakeholders to actively engage in voluntary environmental actions. This departure from the conventional focus on carbon emissions is widely acknowledged as a paradigm shift, recognizing and incentivizing a broader spectrum of efforts, including water conservation and waste management.