The Green Credit program is an incentive-based initiative that aims to reward those who work towards environmentally friendly practices in their operations of business and daily life. The reward will encourage more people to change their lifestyle practices and adopt nature-friendly options.
The Government of India launched an initiative called- “ Lifestyle for Environment” (LiFE) during the COP26 at Gaslow. It was introduced by Prime Minister Narendra Modi to promote an environmentally friendly lifestyle for the people of the country.
Image Source: Deccan Chronicle
Regarding mission LiFE, the government has now put forward the draft rules for the Green Credit Program program. It is an incentive program under LiFE where the domestic industries in India can benefit from employing green or environmentally friendly practices in their businesses.
All kinds of entities can avail of the Green Credit. They include individuals, private sectors, Industries, farmer producer organizations, rural and urban local bodies, sustainable agriculture enterprises, forestry enterprises, cooperatives etc. This step is taken to encourage everyone to voluntarily start practicing environment-friendly practices.
What is LiFE?
Lifestyle for Environment is an initiative in India’s fight towards carbon neutrality. It aims to promote actions that are conscious of the environment and help in fighting climate change.
In the journey of development, the country now wants to grow with sustainable development. Technological advancements and growth that does not compromise the nature around us but instead support it.
Image source: NITI Aayog
As such LiFE is said to promote a lifestyle for every citizen of India that is environmentally conscious. While it is important to live a life that is fulfilling and happy, it should not harm the environment around us to an irreversible state.
The world is already seeing the consequences of plundering natural resources without any regard for the effect it will have on the nature around us. If these practices continue, then even worse situations can arise.
Under the LiFE initiative, the Green Credit program was introduced. It is still in its development stages and the government has come forward with draft rules for the program.
Draft Rules of Green Credit Program
To achieve the goal of LiFE, it is important to change the lifestyle of the citizens of India to more nature-friendly practices. For that, the market mechanism of the country has to change so that customer behavior can be controlled and reshaped.
Image source: Telegraph India
The Green Credit program is an incentive-based initiative that aims to reward those who work towards environmentally friendly practices in their operations of business and daily life. The reward will encourage more people to change their lifestyle practices and adopt nature-friendly options.
In the first phase of the program, some selected environmental practices will be included performing which entities can have the Green Credit, which can be exchanged in the domestic market.
The program will be introduced in phases so that people can get used to the thought of greener means of life. Every sector will have 2-3 practices that they can do to gain credit.
The sectors that have currently been selected by the government are as follows-
- Tree Plantations Green credit
- Waste Management Green Credit
- Sustainable agriculture-based Green Credit
- Water-based green credit
- Air pollution reduction Credit
- Mangrove conservations and restoration Green credit
- Eco-mark Green Credit
- Sustainable building and Infrastructure established green credit
Image Source: Jencoi
India wants to encourage and include all industries in the country in the drive towards environmentally friendly practices that will help us develop in a greener way that is more sustainable and economical in the longer run.
Not only focusing on carbon reduction, LiFE focuses on all aspects of the environment that can help in alleviating the condition of nature around us.
