Green Credit Rules 2023 | Lifestyle for Environment (LiFE) - Is it Fungible with Carbon Credits
ฝัง
- เผยแพร่เมื่อ 6 ก.ย. 2024
- MINISTRY OF ENVIRONMENT, FOREST AND CLIMATE CHANGE
NOTIFICATION
New Delhi, the 26th June, 2023
S.O. 2779(E).-Whereas, Government of India introduced ‘LiFE’- ‘Lifestyle for Environment’, as a grassroot, mass movement for combating climate change, enhancing environment actions to propagate a healthy and
[भाग II-खण् ड 3(ii)] भारत का राजपत्र : ऄसाधारण 7
sustainable way of living based on traditions and values of conservation and moderation, and for sustainable and
environment-friendly development.
And whereas, an innovative market-based mechanism is required to promote the LiFE movement which
aims at encouraging sustainable lifestyles by driving consumer/community towards behavioural changes to
incentivize environment friendly practices.
And whereas, to enable this, a Green Credit Programme is proposed to be launched at national level to
leverage a competitive market-based approach for Green Credits thereby incentivising voluntary environmental
actions of various stakeholders. Apart from incentivizing individual/community behavior, the Green Credit
Programme will encourage private sector industries and companies as well as other entities to meet their existing
obligations, stemming from other legal frameworks, by taking actions which are able to converge with activities
relevant for generating or buying Green Credits.
And whereas, 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. 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.
And whereas, an environmental activity generating Green Credits may have climate co-benefits such as
reduction or removal of carbon emissions. An activity generating Green Credits under Green Credit Programme may
also get Carbon Credits from the same activity under carbon market.
Now, therefore, in exercise of power conferred by sub-section 2(iii) of section 3 of the Environment
(Protection) Act, 1986 (29 of 1986), the Central Government has decided to institute a domestic voluntary market
mechanism -- the Green Credit Programme. The Central Government has now proposed a notification for ‘draft
Green Credit Programme Implementation Rules 2023’ for the information of the public likely to be affected thereby
and notice is hereby given that the said notification will be taken into consideration on or after the expiry of a period
of sixty (60) days from the date of publication of the draft in the official Gazette;
The objections or suggestions, which may be received from any person with respect to the said Notification
within the period specified above, will be taken into consideration by the Central Government;
Objections or suggestions, if any, may 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
1. Short Title and Commencement - (1) These rules may be called the Green Credit Programme Implementation
Rules, 2023.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. Objectives of the Green Credit Programme - (1) The main objectives of the Green Credit Programme (herein
after referred as ‘Programme’) are as follows: -
a. Create a market based mechanism for providing incentives in the form of Green Credits to individuals,
Farmer Producer Organisations, cooperatives, forestry enterprises, sustainable agriculture enterprises, Urban
and Rural Local Bodies, private sectors, industries and organisations for environment positive actions;
b. Create mass movement around environment positive actions and realise the vision of "Mission LiFE"
through pro-planet-people and entities.
3. Definitions - (1) In this framework, unless the context otherwise requires, the following definitions shall apply -
a. ‘Accredited Green Credit Verifier’ means an entity accredited and authorized by the Green Credit
Programme Administrator to carry out verification activities in respect of the Programme;
b. ‘Act’ means the Environment (Protection) Act, 1986 (29 of 1986), as amended from time to time;
c. ‘Green Credit’ means a singular unit of an incentive provided for a specified activity, delivering a positive
impact on the environment;
d. ‘Registered Entity’ means any entity, registered for generation of Green Credits;
e. ‘Registry’ means an electronic database system maintained by Green Credit Programme Administrator or its
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Adv Raj Singh Niranjan explains with pertinent illustrations
रवि कान्त स्वामी
Thank you Sir. Beat wishes from people like you further strengthens our resolve .
The Green Credit Rule of 2023 is a pivotal step toward fostering sustainable financial practices, encouraging environmentally responsible investments for a greener future.
This regulatory measure aims to align economic activities with ecological priorities, promoting accountability and incentivizing businesses to adopt environmentally friendly practices through the financial sector.
The primary objective of the Green Credit program is to encourage environmental conservation and sustainability through market-based mechanisms. The key features of the program are as follows:
Tradable Green Credits: The program aims to generate “green credits” through various environmental activities and make them tradable on a domestic market platform. These credits are essentially units of incentives for specific activities that have a positive impact on the environment.
Encourage Compliance: The Green Credit program encourages industries, companies, and other entities to meet their existing obligations under environmental laws. It also motivates other individuals and organizations to voluntarily undertake environmental measures to generate or purchase green credits.
Not for Legal Compliance: Green credits generated or procured to fulfill legal obligations under existing environmental laws are not tradable. This ensures that green credits are primarily used to incentivize voluntary environmental actions.
कार्बन क्रेडिट के निर्माण का मुख्य लक्ष्य ग्लोबल वार्मिंग के प्रभाव को कम करने के लिए औद्योगिक गतिविधियों से कार्बन डाइऑक्साइड और अन्य ग्रीनहाउस गैसों के उत्सर्जन में कमी लाना है।
Tree Plantation Based Green Credit: Promotes efforts to increase green cover across the country through tree plantations and related activities.
Water-based Green Credit:promotes water conservation, water reuse, and water use efficiency/conservation, including wastewater treatment and reuse..
The Indian government has implemented rules for the Green Credit Program in 2023, under the Environment Protection Act, 1986. The program aims to promote environmental protection and sustainable practices in eight sectors, including forestry, land management, agriculture, energy, and industry. The program includes two markets: a mandatory market for compulsory carbon credits and a voluntary market for voluntary carbon credits. The latter focuses on lifestyle environmental management, renewable energy, energy efficiency, and fuel production, while the former focuses on energy and chemical processes, industrial manufacturing, transportation, and waste management. The program encourages sustainable practices in forestry, agriculture, energy, and industry, and provides green credits to entities that adopt such practices. The rules also establish a Green Credit Committee to oversee the implementation of the program. The program is expected to help India meet its climate change goals and promote sustainable development.
Based on the information provided by the Ministry of Environment, Forest and Climate Change (MoEF&CC) on February 26, 2024, here's a summary of how green credits are currently calculated in India:
1. Activity-based: Credits are awarded based on the specific activity undertaken, not just participation. This means different activities have different ways of calculating credits.
2. Quantitative measurement: The calculation involves measurable parameters, such as liters of water saved or the number of trees planted. This ensures objectivity and fairness in credit allocation.
3. Equivalence and standardization: Mechanisms are in place to ensure fair comparison between different activities. This might involve using weightage factors or conversion factors to translate diverse measures into a common unit for credit calculation.
This only focuses on water conservation and afforestation activities.
Green credits are a completely different initiative than carbon credits. Green credits can be gained by the company on a voluntary basis. They are similar to shares since they are in electronic form. They hold monetary value and can be traded.
A company can attain green credits if it is engaged in tree plantation, waste management, water management, sustainable agriculture, air pollution reduction, mangrove conservation, eco-labelling of goods, sustainable infrastructure.
To be eligible to earn green credits, the company needs to register itself with Indian Council of Forestry Research and Education before applying. After applying an agency is appointed to verify and will give you it's report which needs to be submitted to ICFRE. Upon receiving the report from you or your company, the organization will forward the report to the government which will provide the green credits to you.
कवर की गई गतिविधियाँ:
1. वृक्षारोपण
2. जल प्रबंधन.
3. सतत कृषि।
4. अपशिष्ट प्रबंधन.
5. वायु प्रदूषण में कमी.
6. मैंग्रोव संरक्षण और पुनर्स्थापन।
8 sectors are identified for Green Credit Implementation Rules, 2023
- Renewable Energy
-Energy Efficiency & Fuel Switching
-Chemical Process & Industrial Manufacturing
- Transportation
- Forestary and Land Use
- Waste Disposal
- Agriculture
- Household & Community Device
8 areas have been identified to get green credit- Tree Plantation, Water conservation, Waste management, Air Pollution reduction,etc
Steering committee for Green Credit is formed. The chairperson of which is Secretary of Ministry of Environment.
What can you do in Green Credit Platform?
-Green Credit Registry
- Trading Platform where Green Credit can be traded with Carbon Credit.
- Accredited Green Credit Verifiers.
Great explanation sir.
Great explanation sir.
Compliance Market ( Broadly - First Phase)
1.Renewable Energy
2.Energy Efficiency & fuel switching
3.Chemical Process & Industrial Manufacturing
4.Transportation
Green Credit Programme Implementation Rules 2023" refers to a program aimed at promoting and incentivizing sustainable practices, it could be a significant step in advancing environmental goals. "The introduction of the Green Credit Programme Implementation Rules for 2023 is a promising development that reflects a growing commitment to addressing environmental challenges through innovative strategies. Such a program, if well-designed and effectively implemented, has the potential to drive positive change across industries by encouraging sustainable practices and responsible resource management. Additionally, the rules should align with broader environmental policies and international commitments, contributing to global efforts to combat climate change and preserve ecosystems. Collaboration between governments, industries, and environmental organizations will be essential for the effective execution of the program.
As the world faces urgent environmental challenges, initiatives like the Green Credit Programme can play a pivotal role in accelerating the adoption of sustainable practices. The coming years will reveal the true impact of these rules and their ability to drive positive change while fostering a sense of shared responsibility for our planet's future."
GREEN CREDIT PROGRAM 2023::
It aims at incentivising voluntary environmental actions of various stakeholders. At the Annual Union Budget 2023, the Finance Minister Nirmala Sitharaman has allotted Rs 35,000 crore to achieve energy transition and net zero emissions, and announced the "Green Credit Programme.
India's environment ministry has proposed a Green Credit Programme under which individuals, organisations and industries can earn and sell credits for certain environment-friendly activities, which can then be traded.
Eight activies covered under green credit are-
1. Tree Plantation-Based Green Credit: To promote activities for increasing the green cover across the country through tree plantation and related activities.
2. Water-Based Green Credit: To promote water conservation, water harvesting and water use efficiency / savings, including treatment and reuse of wastewater.
3. Sustainable Agriculture-Based Green Credit: To promote natural and Regenerative Agricultural practices and land restoration to improve productivity, soil health and nutritional value of food produced.
4. Waste Management-Based Green Credit: To promote sustainable and improved practices for waste management, including collection, segregation and treatment.
5. Air Pollution Reduction-Based Green Credit: To promote measures for reducing air pollution and other pollution abatement activities.
6. Mangrove conservation and restoration-based green credit: To promote measures for conservation and restoration of mangroves.
7. Ecomark-based Green Credit: To encourage manufacturers to obtain ‘Ecomark’ label for their goods and services.
8. Sustainable Building and Infrastructure-based Green Credit: To encourage the construction of buildings and other infrastructure using sustainable technologies and materials.
Thank you Harshika. This will be useful for other subscribers from Power Sector.