The Ministry of Environment, Forest and Climate Change (MoEF&CC) on October 12, 2023, published the Green Credit Rules, 2023.
• The following objectives of the Green Credit programme have been stated:
1. The green credit programme shall incentivize environmentally positive actions through market-based mechanisms and generate green credit, which shall be tradable and made available for trading on a domestic market platform.
2. The green credit will arise from taking measures by a person of any environmental activities such as tree plantation, water management, sustainable agriculture, waste management, air pollution reduction, etc.
3. The green credit programme shall encourage industries, companies, and other entities to meet their existing obligations or other obligations under any law for the time being in force, and encourage other persons and entities, to undertake voluntary environmental measures mentioned above by generating or buying green credit:
Provided that the green credit generated or procured to fulfill any obligation in compliance with any law for the time being in force shall not be tradable.
• The following procedure for the generation of green credit has been stated:
1. The methodology for evaluation and verification of the activities undertaken for calculation of green credit shall be such as may be determined by the Administrator.
2. The manner of registration of the activities and the details required for such registration shall be determined by the Administrator.
3. The Administrator shall develop the website for registration of activities, evaluation, and verification of activities undertaken, and award of green credit in respect of such verified activities, electronically.
This notification will come into force from October 12, 2023.
For further details, kindly refer to the document attached.
[Notification No S.O. 4458 (E)]
