Himachal afforestation scheme gets UN nod
July 17th, 2011 - 8:15 pm ICT by IANSShimla, 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.
- Himachal to earn carbon credits with more forests - Jun 19, 2011
- Himachal project to get carbon credit in first for India on public land - Oct 31, 2011
- Himachal to be carbon neutral by 2020: Dhumal - Feb 02, 2012
- Carbon credits: Himachal inks pact with World Bank - May 22, 2011
- Himachal to get $200 mn green loan - Mar 29, 2012
- World Bank to give $37 mn more for Himachal watershed project - May 20, 2012
- Himachal fails to use World Bank funds - Apr 17, 2010
- Himachal best state to integrate natural resources - Feb 25, 2012
- Tourism, horticulture top priorities: Himachal governor - Feb 28, 2011
- Karnataka plans farm loans at one percent interest rate - Jan 06, 2011
- Reliance Power's Tilaiya project gets approval for carbon credits - Oct 03, 2011
- Himachal aims to earn carbon credits - Dec 08, 2010
- Nabard estimates Rs.41,085 crore credit flow in Karnataka - Dec 21, 2010
- Environment ministry slammed for failing to implement green schemes (Lead) - Nov 26, 2010
- Himachal seeks $500 mn loan to extend watershed project - Feb 23, 2010
Tags: barren land, carbon credits, carbon dioxide, carbon revenue, carbon trading, chief project, current market, framework convention on climate change, greenhouse gas emissions, hectares, july 17, monetary value, nod, project director, shimla, stakeholders, tonne, united nations, united nations framework convention on climate change, watershed development