1. Home
  2. Current Affairs
  3. Current News
  4. Ministry of Environment Launches Green Credit Program and Ecomark Scheme

Ministry of Environment Launches Green Credit Program and Ecomark Scheme

  • 16 Oct 2023

On 13th Oct, in a bid to further the 'LiFE' (Lifestyle for Environment) movement introduced by the Hon'ble Prime Minister in 2021, the Ministry of Environment, Forest and Climate Change has unveiled two groundbreaking initiatives aimed at fostering climate change resilience, sustainability, and eco-conscious practices.

Key Points

  • Innovative Market Mechanism: The Green Credit Program (GCP), announced on October 13, 2023, introduces an innovative market-based approach to incentivize voluntary environmental actions across diverse sectors.
  • Stakeholder Engagement: GCP encourages participation from individuals, communities, private sector industries, and companies in environmental initiatives.
  • Governance Structure: The GCP's governance framework is overseen by an inter-ministerial Steering Committee, and The Indian Council of Forestry Research and Education (ICFRE) will serve as the GCP Administrator, responsible for program implementation, management, and monitoring.
  • Focus Areas: In its initial phase, the GCP concentrates on water conservation and afforestation, with draft methodologies for awarding Green Credits developed to ensure environmental impact and fungibility across sectors.
  • Digital Platform: A user-friendly digital platform will streamline project registration, verification, and issuance of Green Credits.
  • The ICFRE, in collaboration with experts, is developing the Green Credit Registry and trading platform.
  • How to Obtain Green Credits: Individuals and entities seeking Green Credits must register their activities through the dedicated government app/website. Activities are verified by the Administrator, with self-verification available for small projects.
  • Tradeable Certificates: Upon verification, Green Credit certificates will be issued and made available for trading on the green credit platform.
  • Philosophy of Sustainability: Aligned with the LiFE concept, the MoEF&CC has redefined the Ecomark Scheme to influence individual choices toward sustainability.
  • Environmental Criteria: The Ecomark Scheme provides accreditation and labelling for household and consumer products meeting specific environmental criteria while maintaining quality standards.
  • Eco-Friendly Design: Products accredited under the scheme adhere to stringent environmental criteria to minimize their impact on the environment.
  • Consumer Awareness: The scheme aims to raise consumer awareness of environmental concerns and promote eco-conscious choices.
  • Manufacturer Motivation: It encourages manufacturers to shift toward environmentally friendly production and ensures accurate labelling and prevents misleading product information.
  • Administration: The Central Pollution Control Board administers the Ecomark Scheme in collaboration with the Bureau of Indian Standards (BIS).
  • Global Alignment: These initiatives signify significant steps toward promoting sustainable living, environmental conservation, and eco-friendly practices in India, aligning with global sustainability goals and the government's commitment to environmental protection.