Daily Current Affairs : 4-December-2023

The Global Green Credit Initiative (GGCI), introduced by India’s Prime Minister during COP28, represents a significant step towards promoting voluntary environmental actions. Also known as the Global Platform for Nature’s Ecological Transformation, GGCI serves as a dynamic forum for fostering dialogue, policy-making, collaboration, and the exchange of innovative environmental programs and instruments.

Understanding GGCI’s Objectives

GGCI’s primary objectives include:

  1. Facilitating Dialogue and Policy-making: GGCI aims to create a platform where stakeholders can engage in meaningful discussions and contribute to the formulation of environmentally friendly policies. This includes the development of Green Credit policy tools.
  2. Global Collaboration: The initiative emphasizes collaboration by encouraging the sharing of global knowledge and best practices. This collaborative approach seeks to harness the collective wisdom of nations in addressing environmental challenges.
Green Credits: Transformative Incentives for Environmental Actions

At the heart of GGCI lies the concept of Green Credits, innovative tools assigned to specific environmental actions. Key points include:

  • Tradable Commodities: Green credits are designed as tradable commodities, allowing them to be bought and sold on domestic market platforms. This feature introduces a market-driven dimension to environmental stewardship.
  • Stimulating Positive Activities: The initiative strategically targets activities such as tree plantation, water conservation, sustainable agriculture, and waste management. By providing incentives to corporations and private entities, GGCI seeks to stimulate positive environmental actions on a broad scale.
  • Market-Based Mechanism: Operating under the Ministry of Environment, Forest and Climate Change, GGCI employs a market-based mechanism. This approach encourages individuals, communities, private sector industries, and companies to actively participate in and contribute to environmental conservation efforts.
Institutional Framework: Green Credit Rules, 2023

To operationalize GGCI, the Ministry of Environment and Climate Change has instituted the Green Credit Rules, 2023. This regulatory framework, enacted under the Environment Protection Act, 1986, provides the necessary structure for the effective implementation of the initiative.

Important Points:
  • GGCI Objectives:
    • Facilitates dialogue and policy-making.
    • Promotes global collaboration for sharing environmental knowledge.
  • Green Credits Overview:
    • Tradable commodities assigned to specific environmental actions.
    • Bought and sold on domestic market platforms.
    • Incentivizes tree plantation, water conservation, sustainable agriculture, and waste management.
  • Market-Based Mechanism:
    • Introduced by the Ministry of Environment, Forest and Climate Change.
    • Encourages individuals, communities, private sector industries, and companies to participate.
  • Institutional Framework:
    • Green Credit Rules, 2023.
    • Enacted under the Environment Protection Act, 1986.
  • GGCI Impact:
    • Aims for a paradigm shift in environmental stewardship.
    • Blends market-driven mechanisms with incentives for widespread participation.
  • Global Recognition:
    • Unveiled at COP28 by India’s Prime Minister.
    • Also known as the Global Platform for Nature’s Ecological Transformation.
  • Key Activities Targeted:
    • Tree plantation.
    • Water conservation.
    • Sustainable agriculture.
    • Waste management.
  • Collaborative Approach:
    • Emphasizes collaboration for sharing global know-how.
    • Harnesses collective wisdom to address environmental challenges.
  • Regulatory Framework:
    • Green Credit Rules, 2023, operationalize GGCI.
    • Enacted under the Ministry of Environment and Climate Change.
  • Commitment to Sustainability:
    • Reflects India’s commitment to environmental sustainability.
    • Demonstrates a proactive role in addressing global environmental challenges.
Why In News

The Global Green Credit Initiative, spearheaded by India’s Prime Minister at COP28, is dedicated to encouraging voluntary environmental actions, with a primary emphasis on water conservation and afforestation, aiming to foster a sustainable future for our planet.

MCQs about GGCI: Pioneering Environmental Transformation with Market-Driven Green Credits

  1. What is the primary focus of the Global Green Credit Initiative (GGCI)?
    A. Biodiversity conservation
    B. Water conservation and afforestation
    C. Air quality improvement
    D. Renewable energy promotion
    Correct Answer: B. Water conservation and afforestation
    Explanation: The GGCI primarily focuses on water conservation and afforestation.
  2. What role do Green Credits play in the GGCI initiative?
    A. They are government regulations.
    B. They are environmental awareness campaigns.
    C. Tradable commodities for specific environmental actions.
    D. They are renewable energy certificates.
    Correct Answer: C. Tradable commodities for specific environmental actions.
    Explanation: Green Credits in GGCI serve as tradable commodities for specific environmental actions.
  3. Under which ministry does GGCI operate, according to the essay?
    A. Ministry of Finance
    B. Ministry of Agriculture
    C. Ministry of Environment, Forest and Climate Change
    D. Ministry of External Affairs
    Correct Answer: C. Ministry of Environment, Forest and Climate Change
    Explanation: GGCI operates under the Ministry of Environment, Forest and Climate Change.
  4. What is the significance of the Green Credit Rules, 2023?
    A. They outline international environmental standards.
    B. They are guidelines for sustainable agriculture.
    C. They provide the institutional framework for GGCI.
    D. They focus on waste management policies.
    Correct Answer: C. They provide the institutional framework for GGCI.
    Explanation: The Green Credit Rules, 2023, provide the necessary institutional framework for the implementation of GGCI.

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