Rajasthan To Give Green Credit Vouchers For Investment In Environmental Protection

Jaipur: Companies investing in various sectors in Rajasthan and urban local bodies working on urban development will now get green credit vouchers worth up to Rs 2.5 crore if they invest in environmental protection projects.

This is provided in the Rajasthan Green Credit Voucher Initiative, which was approved by the council of ministers recently.

The state government had announced the introduction of a Green Credit policy to make Rajasthan carbon-free by 2070 in the current fiscal year budget. Fulfilling this promise, the Finance Department of the state has notified the policy, which intended to make a balance between rapid industrial growth and environmental challenges.

The water supply minister of the state, Kanhaiya Lal, said that the cabinet has approved the policy to provide additional incentives to local bodies and investors for projects and activities related to green and sustainable development.

“This scheme will promote the development of a green and circular economy by linking environmental goals with economic incentives. The main objective of the scheme is to encourage investment in environmentally sustainable projects by providing tradable and redeemable green credits in the form of vouchers,” said the minister.

The policy provides that if an investor or urban local body invests in an environmental protection project in Rajasthan, such as solar, wind, and hybrid energy projects; water management projects including rainwater harvesting and water recycling; waste management projects such as waste-to-energy and plastic waste management; pollution control projects involving technologies to reduce air and soil pollution; and organic farming projects promoting sustainable agriculture and organic farming, the government will provide them with a Green Credit voucher of up to Rs 2.50 crores depending upon the investment. The investors can use this voucher to get financial concessions in their next project or can sell it to another company.

Notably, the state government had presented a separate Green Budget this year and allocated 11.34 percent of the total budget for environmental protection.