Green Credit Programme
The Indian Government has taken several initiatives to achieve its target of net-zero carbon emissions by 2070. One such initiative is the green credit programme, which was proposed during the Union Budget 2023-24. This programme aims to provide incentives for individuals, local bodies, and companies to adopt environmentally sustainable and responsive actions. The green credit programme is one of the several initiatives proposed under “green growth,” which is one of the seven priority areas of the Union Budget 2023–24.
Purpose of Green Credit Programme
The green credit programme is aimed at encouraging people, companies, and local bodies to take environmentally sustainable actions. The initiative aims to mobilize more resources to support such actions, thus promoting green growth. The government believes that this programme will play a crucial role in reaching its net-zero target by 2070.
Key Features of the Green Credit Programme
The green credit programme will be notified under the Environment Protection Act, 1986. This will provide a legal framework for the programme, making it easier for individuals, companies, and local bodies to participate. The key features of the green credit programme include:
Incentives for environmentally sustainable actions
The programme aims to provide incentives to individuals, local bodies, and companies for taking environmentally sustainable and responsive actions. These incentives may include tax benefits, low-interest loans, subsidies, and other financial support.
Mobilization of resources
The green credit programme aims to mobilize more resources to support environmentally sustainable actions. This will include the allocation of funds from the government, as well as the mobilization of private investment.
Legal framework
The green credit programme will be notified under the Environment Protection Act, 1986, which provides a legal framework for the initiative. This will make it easier for individuals, companies, and local bodies to participate in the programme.
Benefits of the Green Credit Programme The green credit programme is expected to bring several benefits to individuals, local bodies, and companies, as well as to the environment.
Encouragement of environmentally sustainable actions
The green credit programme will encourage individuals, local bodies, and companies to adopt environmentally sustainable actions. This will help to reduce the carbon footprint of the country, thus contributing to the government’s net-zero target.
Mobilization of resources
The green credit programme will mobilize more resources to support environmentally sustainable actions. This will provide additional support to individuals, local bodies, and companies that are taking steps to reduce their carbon footprint.
Legal framework
The legal framework provided by the Environment Protection Act, 1986, will make it easier for individuals, companies, and local bodies to participate in the programme. This will increase participation in the programme, leading to a larger number of environmentally sustainable actions being taken.