The Green Credit Program is a market-based program designed to pay individuals, industries and other local bodies for voluntary environmental actions across various sectors.
The Ministry of Environment, Forests and Climate Change had proposed the draft of the Green Credit Programme Implementation Rules 2023 with a clear plan to separate the activities into eight different sectors, including water, agriculture, air pollution, waste management, etc. Green credits will be given, which are tradable. They can trade the green credits, increasing the credits for sales on a proposed domestic market. This program was announced initially in the budget of 2023-2024 to leverage a competitive approach and voluntary environmental actions by various stakeholders. Just like trademarks, the government has introduced the Ecomark Scheme. An Ecomark is a mark or label given to environmentally sustainable products. This will promote active competition in the market, meet the sustainable quotient, and encourage more environmentally friendly players in the market.
Done By: Anoushka Samyuktha, B.A LL.B (Hons), LLM (Criminal Law), Junior Legal Consultant
For Origin Law Labs
