Context: Ministry of Environment has introduced certain changes in the Green Credit Programme such as removal of the earlier criteria of minimum of 1100 trees/hectare to qualify as reforested landscape and left it to states to specify them.
About: Green Credit Program (GCP) was launched in 2023 as 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.
What are Green Credits:
- Green Credits (GCs) are a form of environmental rewards that represent the positive environmental actions awarded to entities who participate in tree plantation initiatives under the Green Credit Program.
- Two years after planting and following an evaluation by the ICFRE, each such planted tree could be worth one ‘green credit.
- The Implementing agency (Forest department) will be responsible for ensuring completion of plantation within 2 years.
Administration of Green Credit:
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.
To obtain Green Credits, individuals and entities must register their activities through the central government's dedicated app/website for green credit.
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.