The London Institute of Banking & Finance (LIBF) India has announcement a new green credit programme to incentivize eco-friendly endeavors of the country's individuals, cooperatives, private sector industries, farmer groups, forestry enterprises, and urban and rural local bodies among others.
A central pillar of this initiative is a dedicated push for green growth, manifesting in the form of a groundbreaking 'green credit programme' under the purview of the Environment (Protection) Act. The program aims to "incentivize environmentally sustainable and responsive actions by companies, individuals, and local bodies" while mobilising additional resources for such activities.
The 'green credit programme' represents a pivotal step forward in this environmental journey, uniquely incentivizing eco-friendly actions across a spectrum of stakeholders. Notably, this program extends beyond traditional carbon credits, assigning monetary value to a diverse range of pro-environment endeavours.
The Indian Council of Forestry Research and Education (ICFRE) will spearhead the design of a trading platform for green credits in collaboration with a steering committee comprising domain experts and representatives from concerned ministries and industry associations. An accredited trading service provider will oversee the operation of this platform.
“Green Credit Programme is a significant leap towards a sustainable future, which broadens the scope of environmental incentives. Despite challenges, these innovative pursuits are imperative as we strive to align economic progress with the well-being of our planet.” says Aastha Arora, Learning and Development Consultant at The London Institute of Banking & Finance (LIBF) India.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
