GREEN CREDIT PROGRAM: A SUSTAINABLE INITIATIVE

 

1. The Union Environment Ministry has unveiled the rules for its Green Credit Program (GCP), which aims to encourage eco-friendly practices and promote a greener way of life through a market-based mechanism.
2. Within a short period, ten states have identified degraded forest land parcels totaling about 3,853 hectares for the programme.

1. Green Credit Initiative was launched by Hon'ble Prime Minister on the side-lines of COP 28.
2. It is an initiative within the governments Lifestyle for Environment or LIFE movement.

What is the Green Credit Program?

1. Encourages environmentally conscious practices and promotes a sustainable lifestyle through market-based mechanisms.
2. Green credits generated through these operations can be traded on the domestic market platform.
3. Eco-friendly actions include tree planting, water management, sustainable agriculture, waste management, air pollution reduction, mangrove conservation and restoration, Ecomark label development, and sustainable buildings and infrastructure.

Who can participate in the Green Credit Program?

1. Individuals
2. Industries
3. Farmers producer's organizations (FPOs)
4. Urban local bodies (ULBs)
5. Gram panchayats
6. The private sector

How does the Green Credit Program work?

Registered and approved entities can make payments to finance afforestation projects in specific areas of degraded forest and barren land. The actual afforestation will be done by the state forest departments.

Initial Focus:

1. Water conservation
2. Afforestation

Implementing Agency:

• International Council of Forestry Research and Education (ICFRE), an autonomous body of the Ministry of Environment

Green Credit Registry and Trading Platform:

1. Being developed by ICFRE and experts
2. Facilitates registration, purchase and sale of green credits

FAQs:

Q1: What is Sustainable Development?

1. Sustainable development is a way of living that meets the needs of the present without compromising the ability of future generations to meet their needs.
2. It's an approach to economic development that doesn't compromise the quality of the environment for future generations.
3. Sustainable development is important because unsustainable development can lead to climate change, environmental destruction, conflict, poverty, hunger, and social instability.

The three aims of sustainable development are:

1. Economic: To attain balanced growth
2. Environment: To preserve the ecosystem
3. Society: To guarantee equal access to resources to all human beings

The five principles of sustainable development are: Conservation of the ecosystem or the environment, Conservation of biodiversity of the planet, Sustainable development of the society, and Conservation of human resources.

In 2015, the UN Member States created the 2030 Agenda for Sustainable Development, which includes 17 Sustainable Development Goals

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