The ‘Green Credit Programme’ launched by the Government of India in 2024 primarily aims to achieve which of the following objectives?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. Promote eco-restoration activities through a system of tradable green credits.
The main goal of the 'Green Credit Programme' (GCP), launched by the Government of India in late 2023 (with methodologies rolled out in 2024), is to Promote eco-restoration activities through a system of tradable green credits.
The GCP is an innovative, market-based mechanism designed to incentivize voluntary environmental actions by various stakeholders—individuals, communities, and companies.
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Goal: To reward individuals and entities for their positive environmental contributions across diverse sectors like afforestation (tree plantation), water management, sustainable agriculture, and waste management.
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Mechanism: Entities undertaking these activities are awarded Green Credits (GCs), which are tradable units of incentive. The initial focus is on tree plantation on degraded forest lands, with the State Forest Department executing the restoration work paid for by the entity. The tradability of these credits provides a financial incentive for eco-restoration.
Explaining Other Options:
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Provide financial assistance to industries for green energy production: This is more aligned with schemes like the National Green Hydrogen Mission or capital subsidies for renewable energy, not the GCP's core mechanism.
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Support farmers in adopting organic and sustainable farming practices: While sustainable agriculture is one of the eight activities covered, it is not the main or singular goal; the GCP's unique contribution is the market-based credit system for restoration.
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Reduce carbon emissions by enforcing strict industrial pollution norms: This is the objective of the Carbon Credit Trading Scheme (CCTS), which is separate from, but complementary to, the GCP. CCTS specifically targets greenhouse gas emissions (GHG), whereas GCP covers a broader spectrum of environmental services.