Centre tweaks green credit program norms to focus on restoration of ecosystem.
Centre tweaks green credit program norms to focus on restoration of ecosystem.
Current Affairs Daily Articles & Editorials
La Excellence IAS Academy | April 18, 2024
| Syllabus: GS-III; Subject: Environment, Ecology and Disaster Management Topic: Forest Conservation, Issue: Green Credit Programme. |
Context: The Central government made changes to the Green Credit program.
Concerns:
- Financial gain vs. ecosystem restoration.
- Non-tradable currently.
- Ministry prioritizes ecosystem restoration.
- Each tree earns one ‘green credit’.
- Credits used for legal compliance or CSR.
| Green Credit Initiatives:
· Launched by Indian PM at COP 28 in 2023. · Part of the government’s Lifestyle for Environment (LiFE) movement introduced at COP26 in 2021. · Green Credit Rules, 2023: Notified under the Environment Protection Act 1986. Objectives: · Introduce a market-based approach to incentivize 8 environmental activities. · Aim to earn incentives in the form of ‘Green Credits’. · Individuals or organizations can undertake various environmental activities to earn credits. |
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