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Green Credit Scheme

Posted on : 19 Feb 2020

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  • The ‘Green Credit Scheme’, allows agencies, they could be private companies, village forest communities, to identify land and begin growing plantations.
  • After three years, they would be eligible to be considered as compensatory forest land if they met the Forest Department’s criteria.
  • An industry needing 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.
  • The participating agency will be free to trade its asset, that is a plantation, in parcels, with project proponents who need forest land.
  • Once finalised, the scheme will overhaul the compensatory afforestation process by accrediting private or public-private partnership companies to raise plantations near reserved forests which can be bought in lieu of projects involving forest diversion.
  • If the company raising the plantation doesn’t wish to trade it, it can retain it and harvest the timber once ready.
  • Under the Forest Conservation Act 1980, each time forest land is diverted for non-forest purposes like mining or industry, the project developer is supposed to identify land and pay for planting forests over an equal area of non-forest land, or when that is not available, twice the area of degraded forest land.
  • It also must pay the State Forest Department the current economic equivalent, called Net Present Value, of the forest land.

Article Related Questions

  1. The ‘Green Credit Scheme’, which was seen recently in news, refers to?

  2. 1.It aims at providing adequate and timely credit to farmers to meet cultivation needs.

    2.It aims to promote holistic growth of horticulture sector; to enhance horticulture production, improve nutritional security and income support to farm Households.

    3.It aims to improve soil health and its fertility.

    4.It is an initiative to allow forests to be traded as a commodity.

    Right Ans : It is an initiative to allow forests to be traded as a commodity.

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