New Delhi | The government has come out with the draft Green Credit Programme Implementation Rules 2023 for incentivising voluntary environmental actions of various stakeholders.

According to a notification issued by the Environment Ministry, the Green Credit programme encourages private sector industries and companies as well as other entities to meet their existing obligations, stemming from other legal frameworks, by taking actions which are able to converge with activities relevant for generating or buying Green Credits.

The main objectives of the Green Credit Programme are to create a market based mechanism for providing incentives in the form of Green Credits to individuals, farmer producer organisations, cooperatives, forestry enterprises, sustainable agriculture enterprises, urban and rural local bodies, private sectors, industries and organisations for environment positive actions.

The programme also envisages to create a mass movement around environment positive actions and realise the vision of "Mission LiFE" through pro-planet people and entities.

"A phased and iterative approach for implementation of the programme will be adopted. In the initial (phase) two to three activities from the sectors...will be considered for designing and piloting the programme and then more activities will be added from the selected sectors in subsequent phases," the notification read.

Green Credits will arise from a range of sectors and entities, ranging from small-scale ones such as individuals, farmer producer organisations, cooperatives, forestry enterprises and sustainable agriculture enterprises to those being developed at the level of urban and rural local bodies, private sectors, industries and organisations, the notification said.

Green Credits will be tradable outcomes and will act as incentives. In the beginning, Green Credits will be made available to individual and entities, engaged in selected activities and who undertake environmental interventions. These Green Credits will be made available for trading on a domestic market platform.