What is India’s Green Credit Scheme?
The ‘Green Credit Scheme’ will allow agencies to identify land and begin growing plantations. These agencies could be private companies, village forest communities or NGOs. After three years, the land would be eligible to be considered as compensatory forest land if it meets the criteria set by the Forest Department. An industry that is in a need of forest land could then approach the agency and pay it for parcels of such forested land and this would then be transferred to the Forest Department and be recorded as forest land.
Impacts of Green Credit Scheme of India
The scheme is aimed to supplement the Green India Mission – government’s initiative to combat climate change. It will also encourage plantation by individuals outside the traditional forest area and will help in meeting international commitments such as Sustainable Development Goals and Nationally Determined Contributions. It will also provide an opportunity for the companies to make up for the damage caused to the environment and the community because of their operations.