Why in the news?

The Union Environment Ministry has rolled out norms for the Green Credit Programme (GCP).

Guidelines and Modifications:

The Environment Ministry’s recent guidelines empower ‘States’ to determine afforestation density based on local conditions, acknowledging the variability in forest ecosystems.
Indigenous species are prioritized, and naturally occurring seedlings are retained to foster ecosystem resilience.

The GCP as notified on October 13, 2023 by the government of India, is an innovative market-based mechanism.
This program is part of the broader ‘LiFE’ campaign (Lifestyle for Environment), and it encourages and rewards voluntary environmentally positive actions.
It involves various stakeholders like- individuals, farmers, communities, private sector industries, and companies.
The Indian Council of Forestry Research and Education (ICFRE), based in Dehradun, serves as the GCP Administrator, responsible for programme implementation, management, monitoring, and operation.
Initially, the GCP focuses on water conservation and afforestation.

The green credit rules notified under the Environment (Protection) Act 1986 defines ‘green credit’ as a single unit of an incentive provided for a specific activity that delivers a positive impact on the environment.
Each tree planted and evaluated by the ICFRE after two years could yield one ‘green credit,’ which can be utilized in two ways:

Compliance with forest laws necessitating recompense for forest land diversion.
Reporting under environmental, social, and governance norms or meeting corporate social responsibility requirements.

The ICFRE, alongside experts, is developing the Green Credit Registry and trading platforms to facilitate the registration, 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 (www.moefcc-gcp.in).
The administrator verifies activities through a designated agency, with self-verification for small projects. Once verified, the administrator issues a tradeable green credit certificate.

The GCP includes numerous activities, such as:

	Description
Tree Plantation-based Green Credit	Promotes increasing the green cover through tree plantations and related activities.
Water-based Green Credit	Promotes water conservation, harvesting, and efficiency, including wastewater treatment and reuse.
Sustainable Agriculture-based Green Credit	Promotes natural and regenerative agricultural practices, land restoration, and soil health improvement.
Waste Management-based Green Credit	Promotes sustainable waste management practices, including collection, segregation, and treatment.
Air Pollution Reduction-based Green Credit	Promotes measures to reduce air pollution and other pollution abatement activities.
Mangrove Conservation and Restoration-based Green Credit	Promotes conservation and restoration of mangroves, critical ecosystems for coastal protection and biodiversity.
Ecomark-based Green Credit	Encourages manufacturers to obtain Ecomark labels for their goods and services, signifying environmental sustainability.
Sustainable Building and Infrastructure-based Green Credit	Promotes sustainable practices in building and infrastructure development, including energy efficiency, renewable energy use, and eco-friendly construction materials.

The programme is currently in a pilot phase, with ongoing deliberations on:

[2011] Regarding “carbon credits”, which one of the following statements is not correct?

(a) The carbon credit system was ratified in conjunction with the Kyoto Protocol

(b) Carbon credits are awarded to countries or groups that have reduced greenhouse gases below their emission quota

(d) Carbon credits are traded at a price fixed from time to time by the United Nations Environment Programme.