Facts for Prelims (FFP)
Source: Hindustan Times
Context: The Global Green Credit Initiative, launched by India’s Prime Minister at COP28, focuses on incentivizing voluntary environmental actions with a primary focus on water conservation and afforestation.
- GGCI sis also referred as Global Platform for Nature’s Ecological Transformation.
What is GGCI?
It is a proposed platform for dialogue, Policy making (e.g., Green Credit policy tools) collaboration (sharing of global know-how), and the exchange of innovative environmental programs and instruments.
About Green Credits:
- Green credits, assigned to specific actions, will be tradable commodities, allowing them to be sold on domestic market platforms.
- The aim is to stimulate activities like tree plantation, water conservation, sustainable agriculture, and waste management by providing incentives to corporations and private entities.
- Introduced by the Ministry of Environment, Forest and Climate Change, the initiative operates as a market-based mechanism, encouraging individuals, communities, private sector industries, and companies to participate in environmental activities.
- It has been notified through Green Credit Rules, 2023 by the Ministry of Environment and Climate Change under the Environment Protection Act, 1986.
