Prime Minister Narendra Modi on 1 December 2023 announced a Green Credit Program (GCP) at the 28th Conference of the Parties (COP28) to the UN Framework Convention on Climate Change (UNFCCC) in Dubai.
- The Prime Minister also proposed to host the event in 2028, or COP33.
About Green Credit Program (GCP)
- Under the initiative, participants undertaking environmentally positive actions will receive tradable green credits.
- GCP is part of the LiFE mission, one of India’s Nationally Determined Contributions (NDCs) submitted to the UNFCCC as its climate action plan.
- It is a market-based mechanism designed to incentivize voluntary environmental actions across diverse sectors by various stakeholders like individuals, communities, private sector industries, and companies.
- Under the initiative, participants undertaking environmentally positive actions will receive tradable green credits.
- A draft Green Credit Program was announced in June 2023 through a gazette notification.
- The Green Credit Initiative was first introduced by the ministry of environment, forest and climate change on October 13, 2023.
- In its initial phase, GCP focuses on two key activities: water conservation and afforestation.
- Under this scheme, green credits will be assigned to specific environmental activities, and will be treated as tradable commodities. These green credits will be able to be sold on domestic market platforms.
