Context: The Ministry of Environment, Forests, and Climate Change introduced the draft Green Credit Programme (GCP) Implementation Rules 2023, a pioneering mechanism aimed at rewarding positive environmental actions undertaken by individuals, industries, and local bodies.
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Understanding the Green Credit Programme (GCP):
The GCP aims to establish a market-based approach incentivizing sectors and entities to meet their environmental obligations.
It defines a green credit as a unit for specified environmentally beneficial activities across eight sectors including:
- tree plantation
- water conservation
- sustainable agriculture
- waste management
- air pollution reduction
- mangrove conservation
- eco-friendly products
- sustainable building and infrastructure
Moreover, these green credits can be traded among stakeholders who struggle to meet government-set emission targets.
Significance of GCP:
- The programme signifies a shift from focusing solely on carbon emissions to embracing a broader perspective, rewarding efforts like water conservation and waste management.
- By recognizing eight key sectors, the initiative lays the groundwork for a market-oriented approach to environmental conservation.
- By engaging community organizations in conservation efforts, environmental stewardship is democratized, bringing in local expertise and fostering a sense of ownership.
- Leveraging financial incentives alongside nonfinancial rewards promotes an inclusive approach. To conservation and supports ecosystem services, benefiting organic farmers and farmer producer organizations.
Challenges:
Greenwashing: Misleading claims about environmental sustainability, often termed as greenwashing, might undermine the program’s integrity without delivering substantial environmental benefits.
Efficacy: The effectiveness of the program hinges on developing robust methodologies to ensure its success and prevent misuse. Additionally, these methodologies are crucial for its overall efficacy.
However, the allocation of resources towards monitoring and fraud prevention versus transformative, government-led efforts for urgent emissions reduction poses a critical question.
Conclusion:
While green credits could revolutionize the adoption of eco-friendly farming practices and benefit farmers and the environment, their scientific implementation demands a structured approach. Clear objectives, along with reliable data, effective monitoring, assessment, and valuation of ecosystem services, are vital for comprehensive planning and management. Additionally, creating harmonized protocols, financial instruments, and public awareness are crucial aspects for successful programme implementation.
Read Also: Forest (Conservation) Amendment Bill, 2023
