Why in the News?
Ministry of Environment, Forests and Climate Change (MoEFCC) notified methodology for Calculation of Green Credits (GC) for Tree Plantation Activity" Green Credit Program (GCP) 2023 rules under Green Credit Program (GCP).
About Green Credit Rules
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About Green Credit (GC)
- It is a singular unit of an incentive provided for a specified activity, delivering a positive impact on the environment.
- These credits can be traded on a dedicated exchange, similar to how carbon credits are traded.
Green Credit | Carbon Credit |
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Green credit activities may qualify for carbon credits, leading to climate co-benefits like carbon emissions reduction, but not vice versa. | |
About Green Credit Program (GCP)
- It is an innovative market-based mechanism to incentivise environment positive actions by different stakeholders such as Industries/institutions, State governments, philanthropies.
- The participation to the GCP shall be based on voluntary participation.
- Aim:
- Aligned with the ‘LiFE'-'Lifestyle for Environment’ initiative, it promotes sustainable living, environmental conservation, and eco-friendly development through grassroots engagement and behavioural changes.
- Encourage industries, companies, and other entities to meet their existing obligations or other obligations (voluntary).
- Established under: “The Environment (Protection) Act, 1986” with MoEFCC as Nodal Agency.
- Governance Structure
- The GCP's governance framework is supported by an inter-ministerial Steering Committee.
- The Indian Council of Forestry Research and Education (ICFRE) serves as the GCP Administrator, responsible for program implementation, management, monitoring, and operation.
- GCP has established a user-friendly digital platform to streamline Project Registration, Verification and Issuance of Green Credits
