UN registers Himachal`s carbon trading scheme
New Delhi: Himachal Pradesh`s efforts in fighting climate change have been rewarded with the UN registering its multi-crore carbon trading scheme that involves providing green cover to barren 4,000 hectares in the state.
Under this scheme, over 5000 families from remote and backward villages will receive carbon revenue for the next 20 years from the World Bank for providing green cover to several areas in across 10 districts which were declared deforested before 1990.
"This is the first such project on public land to be registered for carbon trading in India," R K Kapoor, chief project director, said.
"The project will reduce 40,000 tonnes of carbon dioxide annually for a 20-year crediting period, beginning 2006. The project is initially for 20 years which can be extended to total 60 years period," he said.
It is expected to sequester the emission of 800 million tonnes of carbon dioxide from 2006 to 2025 by promoting bio-diversity through native species in remote areas.
Under the Emission Reductions Purchase Agreement, the bank will buy 3.5 lakh temporary certified emission reductions for plantations raised over 4,003 hectares in the first phase covering the period 2006-2018 depending on the growth of biomass, Kapoor said.
"Villagers will be paid 90 per cent of the revenue the government will get by selling the carbon credits to the World Bank," he said.
The UN has officially registered the `HP Mid Himalayan Watershed Project` for carbon trading scheme under United Nations Framework Convention on Climate Change at a cost of Rs 365 crore, a state government official said.
The UN scheme has set a price of about Rs 2,500 per hectare per annum of carbon which will be measured depending on the growth of tree biomass.
The biomass stocks will be periodically measured from permanent plots to estimate the carbon revenue. The measurement will be started within a year.
"The project is estimated to generate carbon revenue of at least Rs 20 crore to the communities and individual land holders for the first crediting period of 20 years, which is strong incentive to protect forest cover. The first payment is likely to be disbursed to the stakeholders in the next two years," the project director added.
Download the all new Zee News app for Android and iOS to stay up to date with latest headlines and news stories in Politics, Entertainment, Sports, Technology, Business and much more from India and around the world.
More from India
More from World
More from Sports
More from Entertaiment
- Tamasha movie review: Poignant and riveting; Ranbir's the master here!
- It's a Black Hole Friday for NASA!
- Shocking! Anurag Basu feels Salman Khan is ‘boring’?
- Kapil Sharma organises ‘wedding’ ceremony for married Harbhajan Singh, Geeta Basra?
- Kim Jong-Un issues bizarre diktat, asks North Korean men to copy his hairstyle, women to follow his wife