Daily Current Affairs : 30-June-2023
The Environment Ministry has recently introduced a draft notification detailing a proposed ‘Green Credit Scheme’ that aims to incentivize a wide range of activities focused on environmental conservation and sustainability. The scheme introduces a market-based approach to encourage voluntary environmental actions by individuals and organizations. This essay will explore the key components of the Green Credit Scheme, how it works, and its significance for India’s commitment to combat climate change.
Understanding the Green Credit Scheme
The Green Credit Scheme is a national-level program designed to leverage a competitive market-based approach for generating Green Credits. These credits serve as incentives for various stakeholders engaged in voluntary environmental actions. The scheme encompasses the following areas:
- Afforestation Programs: Encouraging activities that increase green cover through tree plantation and related initiatives.
- Water Conservation: Promoting water conservation, water harvesting, and improving water use efficiency, including wastewater treatment and reuse.
- Sustainable Agriculture: Supporting natural and regenerative agricultural practices and land restoration to enhance productivity, soil health, and the nutritional value of food produced.
- Waste Management: Encouraging sustainable waste management practices.
- Air Pollution Reduction: Promoting measures to reduce air pollution and other pollution abatement activities.
- Mangrove Conservation and Restoration: Encouraging efforts to conserve and restore mangrove ecosystems.
- Ecomark Certification: Motivating manufacturers to obtain the Ecomark label for their goods and services, promoting sustainability.
- Sustainable Building and Infrastructure: Encouraging the use of sustainable technologies and materials in construction projects.
Functioning of the Green Credit Scheme
The Green Credit Scheme offers individuals and organizations the opportunity to generate green credits based on their environmental actions. These credits can be traded for monetary benefits. Unlike carbon markets, which primarily focus on trading greenhouse gas emissions, the Green Credit Scheme considers a broader range of environmental activities. Notably, an activity that generates Green Credits may also be eligible for Carbon Credits in the carbon market, providing climate co-benefits.
Understanding Carbon Markets
Carbon markets serve as platforms where emission reductions and removals are converted into tradable assets. Industrial units that exceed emission criteria can receive credits, creating incentives to reduce emissions and improve energy efficiency. Carbon markets also enable struggling units to purchase credits to demonstrate compliance with emission standards.
Significance for India
India, during the 2021 United Nations Climate Change Conference (COP26), made a commitment to achieve zero carbon emissions by 2070 and reduce emissions by one million tonnes over the next decade. The introduction of the Green Credit Scheme signifies a crucial step toward fulfilling this goal. By establishing a carbon credit market, India can incentivize industries to adopt cleaner practices, reduce emissions, and enhance energy efficiency. The scheme provides a framework for promoting sustainable development and environmental stewardship.
Important Points:
- The Green Credit Scheme is a proposed national-level program by the Environment Ministry that aims to incentivize voluntary environmental actions.
- The scheme covers activities such as afforestation, water conservation, sustainable agriculture, waste management, air pollution reduction, mangrove conservation, Ecomark certification, and sustainable building and infrastructure.
- Individuals and organizations can generate ‘green credits’ based on their environmental actions, which can be traded for monetary benefits.
- The Green Credit Scheme differs from carbon markets as it considers a broader range of environmental activities, not just greenhouse gas emissions.
- An activity that generates Green Credits may also be eligible for Carbon Credits in the carbon market, providing climate co-benefits.
- Carbon markets are platforms where emission reductions and removals are converted into tradable assets, creating incentives for emission reduction and energy efficiency improvement.
- The Green Credit Scheme is significant for India as it aligns with its commitment to achieve zero carbon emissions by 2070 and reduce emissions by one million tonnes in the next decade.
- Establishing a carbon credit market is seen as the first step towards achieving India’s emission reduction goals and promoting sustainability.
- The Green Credit Scheme encourages industries to adopt cleaner practices, reduce emissions, and enhance energy efficiency.
- The scheme promotes sustainable development and environmental stewardship, contributing to a sustainable future for India.
Why In News
The Environment Ministry has recently released a comprehensive draft notification outlining an innovative ‘Green Credit Scheme’ aimed at providing attractive incentives for a wide range of environmentally friendly activities. The proposed scheme seeks to promote sustainable practices and reward individuals and organizations actively contributing to the preservation and restoration of our planet’s ecosystems.
MCQs about The Green Credit Scheme
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What is the primary objective of the Green Credit Scheme?
A. To promote carbon markets and trading of greenhouse gas emissions.
B. To encourage afforestation and tree plantation activities.
C. To establish a carbon credit market for reducing emissions.
D. To incentivize sustainable building and infrastructure projects.
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Which sectors or activities are covered under the Green Credit Scheme?
A. Emission reduction and energy efficiency in industries.
B. Reforestation and wildlife conservation.
C. Water conservation and waste management.
D. Sustainable manufacturing and recycling practices.
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What is the significance of the Green Credit Scheme for India?
A. It allows struggling industrial units to purchase credits and demonstrate compliance with emission standards.
B. It aligns with India’s commitment to achieving zero carbon emissions by 2070.
C. It focuses on reducing air pollution and improving energy efficiency.
D. It primarily promotes sustainable building and infrastructure projects.
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How does the Green Credit Scheme differ from carbon markets?
A. Carbon markets only focus on reducing air pollution, while the Green Credit Scheme covers a wider range of environmental actions.
B. The Green Credit Scheme includes a broader range of actions beyond greenhouse gas emissions.
C. Carbon markets primarily involve the trading of carbon credits, while the Green Credit Scheme focuses on incentivizing voluntary actions.
D. The Green Credit Scheme aims to achieve zero carbon emissions by 2070, whereas carbon markets focus on short-term emission reductions.
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