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Green Credit Program, Earn Rewards for a Greener World

Priti Palit

Green Credit Program

Green Credit Program: This national program introduces a competitive market-driven system for green credits, with the goal of encouraging eco-friendly actions. The initiative is entirely voluntary and is an offshoot of the ‘LiFE’ (Lifestyle for Environment) campaign.

Download August 2024 BOLT PDF (Current Affairs)

Covered Activities

The Green Credits program encompasses eight core activities designed to benefit the environment:

  1. Tree Plantation: Promoting actions that enhance the country’s greenery.
  2. Water Management: Encouraging water conservation, efficiency, and reuse, including wastewater treatment.
  3. Sustainable Agriculture: Supporting natural and regenerative farming practices and land restoration to boost productivity, soil health, and nutritional value.
  4. Waste Management: Advocating sustainable waste management practices, including proper collection, segregation, and environmentally sound handling.
  5. Air Pollution Reduction: Promoting measures to reduce air pollution and other pollution control efforts.
  6. Mangrove Conservation and Restoration: Measures to safeguard and restore mangrove ecosystems.

Earning Green Credits

To earn green credits, individuals or entities must register their eco-friendly activities through a dedicated website. These activities will undergo verification by a designated agency, and upon confirmation, a green credit certificate will be awarded by the Administrator.

Green Credit Calculation

The calculation of green credits depends on several factors, such as resource usage, the scale and scope of the activity, size, and other relevant parameters required to achieve the intended environmental benefits.

Green Credit Registry and Trading Platform

A Green Credit Registry will be established, alongside a trading platform managed by the Administrator, to facilitate the trading of green credits.

Incentivizing Positive Actions

The primary aim of the program is to motivate eco-positive actions through market-driven mechanisms. Green credits will be tradable on a domestic market platform, providing participants with tangible incentives for their environmental efforts.

Compliance and Obligations

The initiative encourages industries, companies, and entities to meet their existing environmental obligations under current laws. It also supports voluntary environmental initiatives by enabling the generation or purchase of green credits. However, green credits generated or acquired to fulfill legal obligations cannot be traded.

Distinction from Carbon Credits

It’s important to note that the Green Credits program operates independently of the Carbon Credit Trading Scheme established under the Energy Conservation Act, 2001. While environmental activities that earn green credits may also have climate-related benefits, such as reducing carbon emissions, they may potentially earn carbon credits under the Carbon Credit Trading Scheme.

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