Centre Invites Suggestions On Draft Green Credit Programme Implementation Rules 2023, Aims At Encouraging Voluntary Environmental Actions

The Ministry of Environment, Forest, and Climate Change has notified the Draft Green Credit Programme Implementation Rules 2023 and invited suggestions from the general public. The objections or suggestions can be filed within 60 days from the date of notification, which was issued on June 26th.Green Credit was introduced in the Union Budget 2023-24 with the idea of encouraging and rewarding for the environmental conservation activities. The credit can be earned by entities for various environmental activities listed in the Draft Rules, and the green credits will be tradable on a proposed domestic market platform.“Green Credits will arise from a range of sectors and entities, ranging from small-scale ones– such as, individuals, Farmer Producer Organisations, cooperatives, forestry enterprises and sustainable agriculture enterprises; to those being developed at the level of Urban and Rural Local Bodies, private sectors, industries and organisations. Green Credits will be tradable outcomes and will act as incentives,” states the Draft Rules.In the beginning, Green Credits will be made available to individual and entities, engaged in selected activities and who undertake environmental interventions. These Green Credits will be made available for trading on a domestic market platform, it states further.According to the Draft Rules the ‘Green Credit’ means “a singular unit of an incentive provided for a specified activity, delivering a positive impact on the environment.”The Rule on Implementation Mechanism of the Green Credit Programme states that, a phased and iterative approach for implementation of the Programme will be adopted. In the initial phase, two to three activities from the sectors indicated in clause (2) will be considered for designing and piloting the Programme. More activities will be added from the selected sectors in subsequent phases.Other sectors can also be added with the approval of the Central Government.According to sub rule (2) following Sectors are identified for the Programme.Tree Plantation-based Green CreditWater-based Green CreditSustainable Agriculture based Green CreditWaste Management based Green CreditAir Pollution Reduction based Green CreditMangrove Conservation and Restoration based Green CreditEcomark based Green CreditSustainable building and infrastructure based Green CreditThe Indian Council of Forestry Research and Education will be the Administrator of the Programme.It will be responsible for its implementation, including management, monitoring and operation.“The guidelines for the establishment and operation of the Trading Platform shall be issued by the Administrator with the approval of Steering Committee.(2) The trading platform for the exchange of Green Credits shall be established by the Trading Service Provider accredited by the Administrator in accordance with the approved guidelines.(3) The trading service provider shall perform functions regarding the trading of Green Credits, in accordance with the approved guidelines,” states the Trading Platform rule.The Objections or suggestions, can be addressed to the Joint Secretary, Ministry of Environment, Forest and Climate Change, Indira Paryavaran Bhawan, Jor Bagh road, New Delhi - 110003, and may be sent to e-mail id: sohsmd-mef@gov.in.Click Here To Read/Download Notification

Centre Invites Suggestions On Draft Green Credit Programme Implementation Rules 2023, Aims At Encouraging Voluntary Environmental Actions

Aiman J. Chishti

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Centre Invites Suggestions On Draft Green Credit Programme Implementation Rules 2023, Aims At Encouraging Voluntary Environmental Actions

Aiman J. Chishti

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INR 1099+GST

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