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Green Credit Programme UPSC NOTE

 Why in News

  • Union Environment Ministry, the overall coordinator of the Green Credit Programme (GCP) has clarified that primacy must be accorded to restoring ecosystems over merely tree planting regarding the programme

  • Individuals and companies can apply to the Indian Council of Forestry Research and Education (ICFRE), an autonomous body of the Environment Ministry, to pay to “restore” these forests

  • The actual afforestation will be carried out by State forest departments

  • Two years after planting and following an evaluation by the ICFRE, each such planted tree could be worth one ‘green credit’.

  • These credits can be claimed by the financing organisation and used in two ways

    • (1) using it to comply with existing forest laws that require organisations, which divert forest land for non-forestry purposes, to recompense by providing an equivalent amount of land elsewhere;  

    • (2) be used for reporting under environmental, social, and governance leadership norms or to meet corporate social responsibility (CSR) requirements.

Green Credit Program (GCP)

  • Green Credit Program (GCP )notified on 13th October, 2023 is an innovative market-based mechanism designed to incentivize voluntary environmental actions across diverse sectors, by various stakeholders like individuals, communities, private sector industries, and companies. 

  • The GCP's governance framework is supported by an inter-ministerial Steering Committee and The Indian Council of Forestry Research and Education (ICFRE) serves as the GCP Administrator, responsible for program implementation, management, monitoring, and operation.

  • In its initial phase, the GCP focuses on two key activities: water conservation and afforestation. 

  • Draft methodologies for awarding Green Credits have been developed and will be notified for stakeholder consultation. 

  • These methodologies set benchmarks for each activity/process, to ensure environmental impact and fungibility across sectors. 

  • A user-friendly digital platform will streamline the processes for registration of projects, its verification, and issuance of Green Credits. 

  • The Green Credit Registry and trading platform, being developed by ICFRE along with experts, would facilitate the registration and thereafter, the buying and selling of Green Credits.

  • To obtain Green Credits, individuals and entities must register their activities through the central government's dedicated app/website

  • The Administrator will verify the activity through a designated agency, with self-verification for small projects. 

  • Once verification is complete, the Administrator will grant a Green Credit certificate which will be tradable on the green credit platform.



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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Green Credit Programme UPSC NOTE
Green Credit Programme UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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