Centre Plans ‘Market’ Scheme to Promote Sustainable Living
Context:
The Environment Ministry has released a draught notification outlining a proposed “Green Credit Scheme” that would reward a variety of actions, such as afforestation programmes, water conservation, waste management, and the reduction of air pollution, by allowing people and organisations to produce “green credits.” These credits may also be exchanged for cash via a system that has not yet been determined.
What Is The Scheme All About?
- An important step has been taken towards fusing environmental preservation with financial incentives with the release of the draught “Green Credit Programme Implementation Rules 2023” by the Ministry of Environment, Forestry, and Climate Change under the Environmental Protection Act of 1986.
- The generation and trade of green credits, a crucial element of the Mission LiFE initiatives, are proposed in this draught.
What are the Features of the scheme?
Green credit generation
- By actively taking part in various initiatives, people and organisations can produce “green credits”.These initiatives include water conservation initiatives, afforestation programmes, etc.
- Individuals and organisations that participate in these activities not only help to sustain the environment but also gain credits that may be exchanged for revenue.
Developing a Trading Platform
- The government intends to create a domestic market platform where people and organisations can trade their earned green credits as part of the green credit programme.
- A robust market for sustainable acts will be encouraged by this platform, which will allow those who have earned credits to sell them to interested buyers and facilitate the transfer of environmental advantages.
- A good opportunity for entities to monetize their contributions to environmental protection is presented by the development of a tradable credit system.
Process of Public Consultation
- The draught announcement of the Green Credit Programme’s implementation regulations will be available for public review and comments for 60 days to ensure transparency and gather useful feedback.
- Through this process, people, groups, and other interested parties can voice their concerns and provide recommendations, helping to shape the regulations’ ultimate iteration.
- The MoEFCC will proceed with notifying the public of the formal rules after taking the public’s feedback into account.
Budget Release and Development Schedule
- Following Union Finance Minister Nirmala Sitharaman’s inclusion of the programme in the 2023–24 budget, the Green Credit Programme was officially announced, demonstrating the government’s dedication to supporting sustainable practices.
- The program’s draught outline was subsequently produced by the Ministry of Environment, Forests, and Climate Change, which led to the recently announced draught implementation guidelines.
- The government’s proactive commitment to developing a thorough framework for the Green Credit Programme is demonstrated by the schedule of five months.
What are the latest updates in the scheme?
- Eight areas or activities, for instance, are listed in the notification as potentially eligible for producing credits.
- They include the tree plantation-based green credit, which promotes activities for increasing green cover through tree planting and related activities; the water-based green credit, which promotes water conservation, water harvesting, and water use efficiency/savings, including the treatment and reuse of wastewater; the sustainable agriculture-based green credit, which enables natural and regenerative agricultural practises and land restoration to improve productivity, soil health, and nutritional value.
