🔆 The Green Credits scheme
✅Prime Minister of India launched an initiative focusing on generating Green Credits through plantation on degraded wasteland.
✅ The Green Credits Programme was launched by the Ministry of Environment, Forest and Climate Change.
✅ It is an effort to create a market-based incentive for different kinds of environment-positive actions, not just for carbon emission reductions.
▪️Carbon Market:
✅Such a market-based system already exists for carbon, at the national as well as international level, that allows trade in carbon credits.
✅Companies, or nations, can claim carbon credits if they take action to reduce their carbon footprint.
✅These credits can they be traded for money.
✅Companies unable to achieve their emission standards pay to buy these credits and improve their performance.
▪️Replicating the carbon credit market:
✅Green Credits programme attempts to replicate this mechanism for other environmental actions, like water conservation or soil improvements.
✅Methodologies and standards to measure and verify such actions are still being developed.
✅As a starting point, it is envisaged that private companies would buy these green credits as part of their CSR obligations.
✅Corporate Social Responsibility is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders.
✅Unlike the carbon markets, which are more focused at industry and corporations, green credit programme can benefit individuals and communities as well.
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