Wondering what is Green Credit Program (GCP) ?
GCP is basically an innovative initiative which was launched by our Hon'ble PM Narendra Modi. GCP is a first-of-a-kind market-based instrument designed to incentivize individuals, industries and local bodies for their voluntary environmental actions across different sectors.
It is an initiative taken by Bharat to quantify and monetize environmental actions through green credits under the LiFE campaign. Let's look into the image below to understand more about GCP, how it was brought.
How Green Credit Program came into existence
The Green Credit Initiative was launched by the Hon'ble PM Narendra Modi on the side-lines of COP 28 held in 2023 at Expo City, Dubai, United Arab Emirates.Â
Later, the Green Credit Rule was notified on 12th October 2023 under the Environment Protection Act, 1986, by the Government of India. And this is how Green Credit Program came into existence. Interesting to know this fact !
So, let's continue to explore the other components of GCP.
Objective, Purpose of the Carbon Credit Program
The Green Credits Programme a revolutionary initiative announced in the 2023-24 budget, designed to harness the power of a competitive market-based approach to encourage voluntary environmental actions by various stakeholders. It offers green credits for eco-friendly projects to offset carbon emissions and diminish their environmental impact. GCP primary objective is to encourage voluntary plantation activity across the country.
The purpose of the Green Credit Program is to stress sustainability, enhance the natural environment, and reduce waste.
Let's peek into the image which lists down all the objectives of GCP.
How GCP is linked with LiFE Mission ?
Mission LiFE an India-led global mass movement started to nudge individual and community action to protect and preserve the environment has exponentially grew when Government of India started Green Credits scheme under Mission LiFE. Let's meet Prakriti and learn how Green Credit Program is linked with Mission LiFE from the below image.
Outcomes of the Green Credit Program
Green Credit Program will not only enhance forest and tree cover but it will also promote pro-planet actions by everyone. There will be a lot of challenges to make this program successful but no one enjoys success without facing challenges.
Now let us understand what are the projected outcomes of the Green Credit Program.
Let's have a gaze at the below image to get a better overview of the outcome of Green Credit Program.
Facts about Green Credit Program
Do you know the Green Credit programme is independent of the carbon credit under the Carbon Credit Trading Scheme, 2023 made under the Energy Conservation Act, 2001. The Green Credit Program aligns with the UN Decade on Ecosystem Restoration (2021-2030), which emphasizes the scaling up of restoration efforts.
Let's have a glance at the below image to know more such interesting facts about the Green Credit Program which was notified in the gazette notification.
Recent Developments
Securities and Exchange Board of India (SEBI) has proposed to include the Green Credit Program under the Business Responsibility and Sustainability Reporting (BRSR) Framework.
Recently, Ministry of Environment Forest and Climate Change(MoEFCC) clarified that under the Green Credit Program(GCP) primacy will be accorded to restore ecosystems over merely tree planting.
Conclusion
Let's be a part of this Green Credit Program, and build a sustainable environment for the future generations. Let's fight the global warming, climate change together. Let's Go Green, Earn Credits.
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