The government has recently launched an innovative and voluntary Green Credit program. This program aims to reward and incentivize individuals and entities for their positive impact on the environment. Participants can earn Green Credits through a variety of activities promoting environmental sustainability.
Green Credit is a unit of incentive provided to people and entities engaged in activities positively impacting the environment. It’s a government-initiated voluntary program designed to encourage stakeholders to contribute to environmental preservation and sustainable practices.
The ‘LiFE Campaign’
The Green Credit program is part of the broader ‘LiFE’ campaign, short for Lifestyle for Environment. This campaign encourages and rewards voluntary environmentally-positive actions, stimulating eco-friendly behavior among individuals and organizations.
Covered Activities Under The Green Credit Program
The Green Credit program includes eight key activities aimed at enhancing environmental sustainability:
1. Tree Plantation: This activity promotes increasing green cover and combating deforestation through tree planting.
2. Water Management: Implementing efficient strategies to manage and conserve water resources.
3. Sustainable Agriculture: Encouraging eco-friendly and sustainable agricultural practices.
4. Waste Management: Implementing efficient waste management systems to reduce environmental pollution.
5. Air Pollution Reduction: Initiating measures to reduce air pollution and improve air quality.
6. Mangrove Conservation and Restoration: Actively protecting and restoring mangrove ecosystems to maintain ecological balance.
Earning and Calculation of Green Credit
To earn Green Credits, participants must register their environmental activities through a dedicated website. A designated agency will then verify these activities. The administrator will grant a certificate of Green Credit based on the agency’s report. The calculation of Green Credit depends on factors like resource requirements, scale, scope, size, and other relevant parameters necessary to bring desired environmental outcomes.
Green Credit Registry and Trading Platform
A significant feature of the program is the creation of a Green Credit Registry. This registry will help track and manage earned credits. Moreover, the administrator will establish and maintain a trading platform, allowing the trading of Green Credits on the domestic market.
The Green Credit Program and Carbon Credits
The Green Credit program operates independently from the carbon credits under the Carbon Credit Trading Scheme, 2023, governed by the Energy Conservation Act of 2001. However, environmental activities generating Green Credits might have climate co-benefits like reducing or removing carbon emissions, which can also result in acquiring carbon credits.
Concerns Regarding The Green Credit Program
Despite its potential benefits, there are several concerns regarding the Green Credit Program:
1. Verification and Validation Complexity: The verification and validation process can be complicated and lengthy, possibly placing an administrative burden on participants and regulatory bodies.
2. Risk of Greenwashing: Some participants may falsely claim environmentally-friendly activities to earn Green Credits without genuinely contributing to environmental conservation.
3. Compatibility with Carbon Credits: There are concerns about potential overlaps and evaluation complexities between Green Credits and carbon credits.
4. Accounting for Regional Differences: The program may find it challenging to account for regional variations in environmental impact, making it difficult to establish uniform credit values across diverse geographical areas.
Other Government Initiatives to Promote the Green Economy
The government has taken other initiatives to boost the green economy, including the Sovereign Green Bond, the Green Energy Corridor, and the National Green Hydrogen Mission. These initiatives, together with the Green Credit program, aim to foster sustainable practices while promoting long-term growth.
The successful advancement of the Green Credit program requires a multi-pronged approach focusing on standardization, transparency, regional customization, and strict regulatory oversight. By doing so, the program is poised to make significant contributions to achieving the United Nations Sustainable Development Goals, including SDG 12 (Responsible Consumption and Production), SDG 13 (Climate Action) and SDG 15 (Life on Land).
The article concludes by providing previous year’s questions from the UPSC Civil Services Examination related to environmental topics. This serves as a practical resource for aspirants preparing for competitive examinations.
