• To take ahead the ‘LiFE’ – ‘Lifestyle for Environment’ movement announced by the Hon’ble Prime Minister in 2021, the Ministry of Environment, Forest and Climate Change has introduced two pioneering initiatives that indicate the country’s proactive approach to climate change, sustainability and promotion eco-conscious practices.
  • These initiatives, the Green Credit Program (GCP) and the Ecomark Scheme, seek to encourage environmentally friendly practices rooted in tradition and conservation; reflecting the ideas of LiFE  concept.

Green Credit Program (GCP): Incentivizing Environmental Actions

  • Green Credit Program (GCP) notified on 13th October 2023 is an innovative market-based mechanism designed to incentivize voluntary environmental actions across diverse sectors, by various stakeholders like individuals, communities, private sector industries, and companies.
  • The GCP’s governance framework is supported by an inter-ministerial Steering Committee and The Indian Council of Forestry Research and Education (ICFRE) serves as the GCP Administrator, responsible for program implementation, management, monitoring, and operation.
  •  Green Credit Initiative was launched by Hon’ble Prime Minister on the side-lines of COP 28. It is an initiative within the governments Lifestyle for Environment or LIFE movement.
  •  The Green Credit Rules, 2023, was notified on 12th October 2023 under the Environment Protection Act 1986.
  • These rules put in place a mechanism to encourage voluntary environmental positive actions resulting in issuance of green credits. In its initial phase, voluntary tree plantation is envisaged on degraded land, waste land, watershed area etc. under the control and management of Forest departments.
  • The generation of Green Credit under Green Credit Rules, 2023 is independent of the carbon credit under Carbon Credit Trading Scheme 2023.
  • Governance structure of GCP includes the steering committee members from concerned ministries/departments, experts and institutions. Indian Council of Forestry Research and Education (ICFRE) is designated as GCP administrator and is responsible for implementation and management of GCP.
  • Digital process of GCP includes a dedicated web platform and GC registry for streamlining the operations. In addition to these methodologies and guidelines, including registration, accounting and GC issuance monitoring ensures the transparency and accountability of GCP.

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