Himachal afforestation scheme gets UN nod

July 17th, 2011 - 8:15 pm ICT by IANS  

Shimla, July 17 (IANS) India’s first multi-million public afforestation scheme in Himachal Pradesh has been registered for carbon trading by the UN, an official statement said here Sunday.

“The United Nations has registered the Rs.337 crore Mid-Himalayan Watershed Development Project for carbon trading scheme under the United Nations Framework Convention on Climate Change,” the statement, quoting Chief Project Director R.K. Kapoor, said.

Carbon credits provide a way to reduce greenhouse gas emissions by giving them a monetary value. A credit gives the owner the right to emit one tonne of carbon dioxide. Credits can be exchanged between businesses or purchased and sold in the international market at current market prices.

Under the carbon trading scheme, 5,000 families settled in villages would receive carbon revenue for the next 20 years from the World Bank for providing green cover to 4,000 hectares of barren land in 10 districts of the state.

“The project is estimated to generate carbon revenue of at least Rs.20 crore to the communities and individual land holders for the first 20 years, which is an incentive to protect forest cover. The first payment is likely to be disbursed to the stakeholders in the next two years,” Kapoor added.

The project aims to sequester 828,016 tonnes of carbon by 2026.

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