India’s government has issued a consultation for a new green credit programme, which is designed to incentivise environmental friendly activities such as planting trees and conserving water usage.
By participating in these activities, entities including individuals, farmers, urban and rural local bodies and private sector companies can earn tradable green credits.
Under the scheme, they can buy and sell these credits in a marketplace, which will allow for the transfer of environmental benefits tied to sustainable actions.
Environmentally friendly actions earmarked for the scheme include tree plantation, water conservation, sustainable agriculture, waste management, air pollution reduction and mangrove conservation and restoration.
The Ministry of Environment, Forest and Climate Change (MoEFCC), which is overseeing the programme, said it will begin by selecting two to three activities in the pilot phase before expanding to include others.
Respondents have 60 days to submit their feedback to the consultation after which the MoEFCC will issue its rules.