GLOBAL GREEN CREDIT INITIATIVE

Why in News?                                                                                                        

PM Narendra Modi launched the Global Green Credit Initiative at COP 28 in Dubai.

What is Global Green Credit Initiative?

• The GGC Initiative is conceptualized as a mechanism to incentivize voluntary pro-planet actions, as an effective response to the challenge of climate change.
• It envisions the issue of Green Credits for plantations on waste/degraded lands and river catchment areas, to rejuvenate and revive natural eco-systems.
• It aims to facilitate global cooperation and partnership through exchange of knowledge, experiences and best practices in planning, implementation and monitoring of environment positive actions through programs/mechanisms like Green Credits.

 What is India’s Green Credit Program (GCP)?

• The India’s Green Credits Programme is a market-based mechanism to incentivize voluntary environmental actions across diverse sectors, by various stakeholders like individuals, communities, private sector industries, and companies.
• It was first announced in the Union Budget 2023-24 and launched by the Environment Ministry in October 2023.
• Green Credits programme attempts to replicate Carbon Credit mechanism for other environmental actions, like water conservation or soil improvement.
• In its initial phase, the GCP focuses on two key activities: water conservation and afforestation.
• Private companies would buy these green credits as part of their CSR obligations.
• The Indian Council of Forestry Research and Education (ICFRE) is the administrator of the programme.