Green Credits Scheme : Prime Minister Narendra Modi has recently attended the international meeting of COP28. It was conducted in UAE and most of the international leaders attended the event. PM Modi suggested the Green Credit Scheme at the COP28 event to the world leaders to overcome Environmental losses at the world level and increase greenery.
However, the Green Credits Scheme was launched in India in October 2023 but if you are not familiar with this term then you should check this article where we provide information on the Green Credits Scheme which was announced by PM Modi in COP28. So, after that, you can also participate in this Green Credits Scheme.
The Ministry of Environment, Forest and Climate Change started a new scheme of green credit scheme on 13 October 2023. The scheme is started for companies in India to involve them in environmentally friendly activities including planting a tree, reducing carbon, focusing on water management, waste management, etc.
This company will get green credits from the Government of India which can be used for multiple purposes including converting them into money. However, this is only an initiative of the Government of India and companies are not bound to participate in this initiative, but they will get additional credits which will be beneficial for them for their industries. Stay tuned with us & read the whole article “Green Credits Scheme” till the end.
Green Credits Scheme Meaning
- The ‘Green Credit’ means a singular unit of an incentive provided for a specified activity, delivering a positive impact on the environment.
- The Green Credit Program as a mechanism that supplements the domestic Carbon Market.
- While the domestic carbon market focuses solely on CO2 Emission reductions, the Green Credit System aims to meet other environmental obligations as well, encouraging sustainable actions by companies, individuals, and local bodies.
- The green credits will be tradable and those earning it will be capable of putting these credits up for sale on a proposed domestic market platform.
Features of Green Credits Scheme
This Green Credits Scheme with a market-based mechanism, Invites Various stakeholders including individuals, communities, Private sector industries, and companies to participate in this initiative. The government will provide green credits to individuals for companies according to their participation in this scheme. These credits can be used for trading, Carbon credits, converted into money, etc. The main focus of Green Credits Scheme is to encourage plantation individuals and private sectors as well.
- This initiative involves creating an inventory of degraded wastewaters, which can be utilized for planting by individuals and organizations.
- Partners undertaking environmentally positive actions will receive tradable green credits.
- The entire process, from registration to planting, verification, and issuance of green credits, will be digitized.
- The portal will gather ideas, knowledge, and experiences related to tree planting and environmental conservation.
- This platform aims to influence global policies, practices, and the demand for green loans.
- The Green Credits Initiative reflects the Green Credit Program launched by the Union government in October, 2023.
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Activities included under Green Credits Scheme
Multiple environmentally friendly activities will be done under this Green Credits Scheme but at the initial stage, the government is focusing on Water conversation and afforestation or planting a tree. After that government will continuously update the Green Credits Scheme by extending its activities however, the scheme is at the initial stage, and companies and individuals are continuously registering themselves to participate.
The Green Credits Scheme comprises eight key types of activities aimed at enhancing environmental sustainability :-
- Tree Plantation : Planting trees to increase green cover and fight deforestation.
- Water Management : Implementing strategies to effectively manage and conserve water resources.
- Sustainable Agriculture : Promote eco-friendly and sustainable agricultural practices.
- Waste Management : Implementing efficient waste management systems to reduce environmental pollution.
- Air pollution reduction : Initiatives aimed at reducing air pollution and improving air quality.
- Mangrove conservation and restoration : Protecting and restoring mangrove ecosystems for ecological balance
Green Credits Scheme Earning and Trading
All the eligible individuals and companies can participate in the Green Credits Scheme and earn green credits. Once you register yourself on the official portal and submit your project details the authority will screen your project and allow you the land for the project where you have to plant 100 to 1000 trees per hectare.
The most interesting thing about this Green Credits Scheme is, that the government will not charge any penalty if you fail in the project. For 100 trees, the value of GCs to be distributed to eligible applicants for 10 years =100 GCs.
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Green Credits Scheme Registration 2024
If you want to register your company or industry for green credit scheme then you have to register on the official website of Green Credits Scheme. You can visit on the official website by clicking on this link. https://www.moefcc-gcp.in/. There are complete details of the Green Credits Scheme Registration 2024 on the official website so you can check deeply for this Green Credits Scheme on this website.
If you are interested in Green Credits Scheme Registration 2024, then you can follow this procedure :-
- Firstly visit the official website and click on the register link accordingly and you will be redirected to a new page
- Now you have to enter your user type and type of development and click on the next link.
- Provide personal details and other information related to this scheme and enter the Aadhar card number.
- You will receive OTP for verification purposes on the mobile number which is linked with your Aadhar card.
- The last phase is to provide address details.
After this the Green Credits Scheme Registration 2024 will be completed, use the user ID and password to log in and select the land for the planting, if you have your land then you can use it otherwise you can also pick up any land which is mention in the portal. Once your application is submitted you will receive a green credit certificate after the verification which can be used for trading and other purposes.
Concerns Regarding Green Credits Scheme
- Verification and Validation Complexity : The process of verifying and validating environmentally-positive actions can be complicated and time-consuming.
- Concerns exist concerning the administrative burden on both participants and regulatory bodies.
- Risk of Greenwashing : There is a risk that some participants may engage in greenwashing, where they falsely claim environmentally-friendly activities to earn Green Credits without truly contributing to environmental conservation.
- Compatibility with Carbon Credits : While the program is intended to be independent of carbon credits, there are concerns about potential overlaps and the complexity of assessment between the two types of environmental credits.
- Accounting for Regional Differences : The program may struggle to account for regional variations in environmental impact, making it challenging to establish homogeneous credit values for diverse geographical areas.