Daily Current Affairs : 18-October-2023
India’s recent introduction of the Green Credit Program marks a significant stride in environmental conservation. This voluntary initiative, centered around rewarding positive environmental actions, is poised to transform the landscape of sustainability in the country. In this essay, we delve into the program’s key features, its significance, and the concerns that have been raised in response to this innovative approach.
Green Credit Program: A Novel Incentive Mechanism
The Green Credit Program introduces a system of incentives called “Green Credits” to reward activities with positive environmental impacts. Unlike the carbon market, it encompasses a wide array of sustainable actions, broadening its scope beyond CO2 emission reductions.
Objectives and Tradable Credits:
- Encouraging environmental obligations among entities and individuals
- Promoting a market-based approach through tradable green credits
Program Administration and Green Credit Activities:
- The Indian Council of Forestry Research and Education (ICFRE) oversees program administration
- Activities span from increasing green cover and water conservation to regenerative agriculture and waste management
Significance of the Green Credit Program:
Encouraging Compliance and Synergy:
- Aligning private sector actions with green credit generation fosters comprehensive environmental sustainability
- Promoting convergence between different legal frameworks
Support for Ecosystem Services:
- Recognizing and rewarding contributions to ecosystem conservation, benefiting organic farmers and Farmers Producer Organizations (FPOs)
- Valuing multiple ecosystem services beyond carbon mitigation, ensuring optimal returns for green projects
Concerns Regarding the Green Credit Mechanism:
Risk of Greenwashing:
- Experts raise concerns about potential greenwashing practices, where entities exaggerate environmental claims without significant benefits
- The risk of tokenistic activities that prioritize credit generation over genuine environmental efforts
Need for Urgent Emissions Reductions:
- Critics question the effectiveness of market mechanisms like green credits in addressing urgent emissions reduction requirements
- Advocacy for transformative efforts guided by government policies and regulations
Resource Allocation and Fraud Prevention:
- Concerns regarding the allocation of resources for monitoring and preventing fraud within the green credit mechanism
- Arguments for redirecting resources toward initiatives with substantial transformative impacts on sustainability
Important Points:
Green Credit Program: A Novel Incentive Mechanism
- Introduction of Green Credits: Incentives introduced for positive environmental actions.
- Broader Scope: Beyond CO2 emission reductions, encompassing diverse sustainable actions.
- Objectives: Encouraging environmental obligations among entities and individuals.
- Tradable Credits: Market-based approach through tradable green credits.
Program Administration and Green Credit Activities:
- Administrator: Indian Council of Forestry Research and Education (ICFRE) oversees program administration.
- Diverse Activities: Range of activities, including increasing green cover, water conservation, regenerative agriculture, waste management, and more.
Significance of the Green Credit Program:
- Encouraging Compliance: Aligning private sector actions with green credit generation.
- Support for Ecosystem Services: Recognition and reward for contributions to ecosystem conservation, benefiting farmers and organizations.
- Valuing Multiple Ecosystem Services: Considering a variety of environmental benefits beyond carbon mitigation.
Concerns Regarding the Green Credit Mechanism:
- Risk of Greenwashing: Concerns about exaggerated environmental claims without substantial benefits.
- Tokenistic Activities: Worries about superficial actions prioritizing credit generation over genuine environmental efforts.
- Need for Urgent Emissions Reductions: Questions about the effectiveness of market mechanisms in addressing urgent emissions reduction requirements.
- Resource Allocation and Fraud Prevention: Concerns about resource allocation for monitoring and preventing fraud within the green credit mechanism.
Why In News
The government has recently unveiled an innovative and voluntary Green Credit program designed to reward and incentivize individuals and entities for their positive environmental contributions. This groundbreaking initiative not only promotes eco-friendly practices but also fosters a collective sense of responsibility towards our planet, encouraging widespread adoption of sustainable habits for a greener future.
MCQs about India’s Green Credit Initiative
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What is the primary objective of India’s Green Credit Program?
A) To reduce CO2 emissions in the country.
B) To reward and incentivize positive environmental actions.
C) To encourage the use of renewable energy sources.
D) To promote industrial growth without harming the environment.
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Which organization is responsible for the administration of the Green Credit Program in India?
A) Ministry of Environment, Forest and Climate Change
B) Indian Council of Forestry Research and Education (ICFRE)
C) Environmental Protection Agency
D) United Nations Environment Programme
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What is one concern raised regarding the Green Credit Mechanism?
A) Excessive focus on air pollution reduction.
B) Risk of tokenistic activities and greenwashing.
C) Lack of international participation.
D) Insufficient promotion of non-renewable energy sources.
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In addition to carbon mitigation, what does the Green Credit Program recognize and reward?
A) Reduction of plastic waste.
B) Contributions to multiple ecosystem services.
C) Expansion of industrial infrastructure.
D) Increase in consumer spending.
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