Introduction to the Green Credit Program: The Ministry of Environment, Forest, and Climate Change (MoEF&CC) has updated the regulations for the Green Credit Program (GCP), a market-based initiative designed to promote voluntary environmental efforts such as tree planting and pollution reduction. These efforts are recognized through the issuance of Green Credits under the Green Credit Rules first established in October 2023.
Details of the Green Credit Rules Amendments:
- Award System: Under the new amendments, entities will earn one Green Credit for each mature tree they grow.
- Scope and Eligibility: The amendments specify that eligible lands for earning credits include degraded areas such as open forests, scrublands, wastelands, and catchment areas that are under state control and recognized by state forest departments.
- Land Requirements: A minimum land parcel of 5 hectares is required for projects seeking to earn Green Credits.
- Credit Calculation: Credits are calculated based on a density of 1100 trees per hectare, taking into account local silvicultural and soil conditions, with one credit awarded per tree grown.
Benefits of Acquiring Green Credits:
- Compensatory Afforestation: Credits can be used to fulfill compensatory afforestation requirements when forest land is diverted for non-forestry purposes.
- Corporate Benefits: Additionally, these credits are valuable for companies involved in Environmental, Social, and Governance (ESG) reporting and Corporate Social Responsibility (CSR) activities, enhancing their sustainability profiles.
Administrative Details:
- Administrator: The Indian Council of Forestry Research and Education (ICFRE), located in Dehradun, Uttarakhand, oversees the implementation, management, monitoring, and operation of the GCP.
- Application Process: Applicants submit a request to the ICFRE, which then coordinates with relevant state or union territory forest departments to execute the tree planting projects within two years of payment by the applicant.
Significance of the Amendments: These amendments facilitate a structured and quantifiable approach to environmental conservation efforts, encouraging broader participation across sectors and providing a standardized metric for assessing contributions to sustainability. Through the GCP, the MoEF&CC aims to incentivize significant environmental improvements and enhance the ecological value of underutilized and degraded lands. This strategic update aligns with global environmental goals and India’s commitment to sustainable development.
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