The Uttar Pradesh government has successfully implemented the Carbon Credit Finance Scheme to promote environmental protection and strengthen the farm economy.
This innovative initiative is not only helping to preserve ecology but offering a sustainable source of additional income to farmers.
So far, almost Rs 50 lakh have already been distributed to 244 farmers under the scheme.
In the next phase, the Yogi Adityanath government is set to disburse more than Rs 25 lakh to 401 farmers, with the process officially initiated by the chief minister during the recent state-wide plantation drive in Ayodhya.
UP is the first state in India to implement such a carbon finance model.
In the first phase, farmers from Gorakhpur, Bareilly, Lucknow, Meerut, Moradabad and Saharanpur divisions have been included.
Through agroforestry, these farmers have collectively generated an estimated 4.2 million carbon credits. At the rate of $6 per carbon credit, the distribution takes place every five years.
The scheme is being implemented in collaboration with The Energy and Resources Institute (TERI).
Under this model, one carbon credit is issued for every metric tonne of carbon dioxide or other greenhouse gases absorbed from the atmosphere.
The scheme not only supports India’s climate goals, but also enhances the rural income.
By participating in this programme, farmers can earn Rs 250 to Rs 350 per tree apart from the standard market price of the tree.
It aligns with India’s goal of achieving carbon neutrality by 2070.