Himachal inks pact with World Bank to secure carbon credits

Himachal Pradesh became the first State in the country on Sunday to sign an agreement with the World Bank for securing carbon credits for its ‘Clean Development Mechanism' project in 11 watershed divisions under Mid Himalayan Watershed Development Project.

The project named ‘Reforestation Project-Improving Livelihood and Watersheds' being implemented in 177 Panchayats in 11 watershed divisions was aimed at reforestation in watershed areas, improving livelihood, and generating carbon revenue for the community.

The ‘Emission Reduction Purchase Agreement' (EROA) was signed by World Bank Deputy Country Director Hubert Nove Josserand on behalf of the International Bank of Reconstruction and Development and Himachal Pradesh Additional Chief Secretary Sudripto Roy in the presence of Chief minister P. K. Dhumal.

The validation process under the United Nations Framework Convention on Climate Change (UNFCCC) has been completed and likely to be registered shortly.

The agreement has been signed for ten years ending December 2018 and widening of its scope could be considered depending upon growth, he added.

Accrue income

The Chief Minister said the project would accrue income of around Rs.2,000 per hectare per annum to the community and stakeholders and 4000-hectare area would be covered.

One tonne of carbon dioxide emission would be equivalent to one credit unit. - PTI