Important points from the Green Credit Rules, 2023

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  1. New Programme Launch: A Green Credit programme is being introduced nationwide to reward environmental actions using a market-based system.
  2. Support for LiFE Movement: The programme supports the ‘LiFE’ (Lifestyle for Environment) initiative, which promotes eco-friendly living and conservation.
  3. Separate from Carbon Credits: The Green Credit programme is distinct from the carbon credit system. Green credits might also qualify for carbon credits under a separate scheme.
  4. Public Feedback Considered: A draft of the Green Credit rules was published for public comment in June 2023. Feedback has been reviewed before finalizing the rules.
  5. Effective Date: The rules will come into effect on the date they are published in the Official Gazette.(12 OCT-2023)
  6. Purpose of Green Credit: The programme aims to incentivize environmental actions by allowing green credits to be traded on a domestic market.
  7. Generation of Green Credit: Credits will be earned through specific environmental actions and can be traded or used to meet legal obligations.
  8. Non-Tradable Credits: Credits used to fulfill legal requirements are not tradable.
  9. Definitions: Key terms include:
    • Green Credit: A unit of incentive for a positive environmental impact.
    • Administrator: The body responsible for managing the programme.
    • Designated Agency: An entity responsible for verifying activities.
    • Registry: A database for tracking green credits.
  10. Eligible Activities: Activities for earning green credits include tree planting, water management, sustainable agriculture, waste management, air pollution reduction, and mangrove conservation.
  11. Registration Process: To earn green credits, activities must be registered with the Administrator via an online application.
  12. Verification: After registration, activities are verified by a designated agency before credits are issued.
  13. Calculation Methodology: The calculation of green credits will follow methods set by the Central Government based on various environmental parameters.
  14. Administrator Responsibilities: The Administrator, the Indian Council of Forestry Research and Education, will manage the programme, including issuing credits and maintaining records.
  15. Steering Committee: A committee will monitor the programme’s implementation and make recommendations.
  16. Technical Committees: These will assist in developing methodologies and recommendations for calculating and verifying green credits.
  17. Green Credit Registry: An electronic database will track and manage the registration and issuance of green credits.
  18. Trading Platform: A trading platform will be established for buying and selling green credits.
  19. Knowledge and Data Platform: This platform will provide transparency and track progress in green credit activities.
  20. Audit and Oversight: Activities of the Administrator, designated agencies, and other entities will be audited regularly, with reports submitted to the Central Government.