The government of Himachal Pradesh had signed an agreement with the Government of Spain to let them purchase carbon credits under the Bio-carbon Project of World Bank-funded HP Mid-Himalayan watershed project. This project is being implemented in the state to increase the livelihood means of the marginalized people, mainly small and marginal farmers.
The agreement has led the government to receive the first installment of the sequestered carbon credits which is a sum of Rs 1.93 crores. The Himachal Pradesh government has received the cash benefits from the government of Spain for implementing the climate change mitigation project under the Kyoto Protocol.
The beneficiaries of the cash benefits are abut 50,000 villagers from 602 villages who all raised multiple forest plantations on degraded public land in the mid and high hills under the community-led initiative.
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Source: Economy lead
As a part of Clean Development Mechanism (CDM), forest and other plantations are being raised on the common village land by villagers and local communities who have banded together into groups. The financial benefits from the carbon credits will be directly passed on to the local communities and user groups as incentive for improved natural resource management practices.
Additional Chief secretary (Forests and Environment) Tarun Shridhar told The Indian Express, “The Project is registered under CDM provisions and subsequently a purchased agreement was entered with the government of Spain through the World Bank for the sale of carbon credits. The forestry plantations raised on 3204 hectares became eligible for the first cycle of carbon credits. The verification process for the first cycle was completed in November, 2014.”
In fact, the project is one of its kind in India and is under the public sector and community driven initiative in the hill state.