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India’s Green Credit Programme

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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