Daily Current Affairs : 2-December-2023
In recent news, the Prime Minister of India has inaugurated a groundbreaking initiative aimed at generating Green Credits through extensive plantation on degraded wastelands. This initiative, known as the Green Credits Programme, is a significant step towards fostering environmental sustainability and incentivizing positive actions beyond carbon emission reduction.
About the Green Credits Programme:
The Green Credits Programme is an ambitious venture spearheaded by the Ministry of Environment, Forest, and Climate Change. Unlike traditional environmental initiatives, this program takes a market-based approach to create incentives for various environment-positive actions, extending beyond carbon footprint reduction. The goal is to establish a system that not only benefits large corporations but also empowers individuals and communities.
Carbon Market Overview:
A well-established market-based system already exists for carbon at both the national and international levels. This system allows for the trading of carbon credits, enabling companies or nations to claim credits by taking actions to reduce their carbon footprint. These credits can be traded for monetary gains, creating a mechanism where companies falling short of emission standards can purchase credits to improve their environmental performance.
Replicating the Carbon Credit Model:
The Green Credits Programme seeks to replicate the success of the carbon credit market by applying a similar mechanism to other environmental actions, such as water conservation and soil improvement. Although methodologies and standards for measuring and verifying these actions are still in development, the program aims to attract private companies to purchase green credits as part of their Corporate Social Responsibility (CSR) obligations.
Corporate Social Responsibility and Community Impact:
Unlike carbon markets, which primarily benefit industries and corporations, the Green Credits Programme holds the potential to positively impact individuals and communities. By integrating environmental concerns into their operations and interactions with stakeholders, companies participating in the program contribute not only to their CSR goals but also to the broader goal of sustainable development.
Important Points:
- Green Credits Programme Launch:
- Prime Minister of India inaugurated the initiative for generating Green Credits through plantation on degraded wasteland.
- Objective of the Green Credits Programme:
- Ministry of Environment, Forest, and Climate Change spearheads the program.
- Market-based incentive system for diverse environmental actions, not limited to carbon emission reductions.
- Carbon Market Overview:
- Existing market-based system for carbon credits at national and international levels.
- Companies/nations earn credits by reducing carbon footprint.
- Credits can be traded for monetary gains.
- Helps companies improve environmental performance by purchasing credits if emission standards are not met.
- Replicating Carbon Credit Model:
- Green Credits Programme aims to extend the success of the carbon credit market.
- Applies a similar mechanism to other environmental actions like water conservation and soil improvement.
- Methodologies and standards for measurement and verification under development.
- Role of Private Companies:
- Private companies encouraged to buy green credits as part of their Corporate Social Responsibility (CSR) obligations.
- CSR involves integrating social and environmental concerns into business operations and interactions with stakeholders.
- Impact Beyond Corporations:
- Unlike carbon markets focused on industries, Green Credits Programme has potential benefits for individuals and communities.
- Broadens participation in environmental sustainability efforts.
Why In News
The Prime Minister of India, in a visionary move, launched an innovative initiative focusing on generating Green Credits through plantation on degraded wasteland, reinforcing the commitment to environmental sustainability and fostering a greener future for the nation.
MCQs about India’s Green Credits Programme
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What is the main objective of the Green Credits Programme?
A. Reducing carbon emissions exclusively
B. Generating revenue for large corporations
C. Fostering environmental sustainability through various positive actions
D. Implementing traditional environmental initiatives
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Who is spearheading the Green Credits Programme?
A. Ministry of Finance
B. Ministry of Environment, Forest, and Climate Change
C. Prime Minister’s Office
D. Ministry of Corporate Affairs
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What existing system does the Green Credits Programme seek to replicate?
A. Renewable Energy Market
B. Carbon Credit Market
C. Water Trading System
D. Green Energy Certification
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How does the Green Credits Programme differ from traditional carbon markets?
A. It exclusively benefits large corporations
B. It focuses on reducing carbon emissions only
C. It extends beyond carbon footprint reduction to include various environmental actions
D. It lacks a market-based approach
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