The Yogi Adityanath administration in Uttar Pradesh is preparing to set a new record by planting 36.50 crore saplings on 20 July, as part of a massive environmental initiative.
This ambitious project not only aims to improve the state’s green cover but also seeks to enhance farmers’ incomes through an innovative carbon finance scheme.
The government is leveraging carbon finance to incentivize farmers to participate in the plantation drive.
This initiative aligns with the Central government’s broader objective of achieving net-zero carbon emissions by 2070.
Farmers will earn additional income from carbon credits by planting fast-growing trees like Poplar, Melia, Dubia, and Semal. They will sell these credits every five years at six US dollars per credit.
Chief Minister Yogi Adityanath further emphasized the importance of this program, noting that the trees planted under this initiative will provide long-term financial benefits to farmers.
The state government will widely promote the incentives for this program and ensure they are accessible to as many farmers as possible.
In the initial phase, farmers from six divisions of Uttar Pradesh will be the first to benefit from carbon credits.
Meanwhile, these divisions include Gorakhpur, Lucknow, Bareilly, Meerut, Moradabad, and Saharanpur.
The Chief Minister has directed that the benefits be provided to farmers immediately.
The project is supported by TERI and VNV Advisory Services, who are assisting in the implementation process.
From 2024 to 2026, farmers participating in the program will receive incentives totaling Rs 202 crore.
Specific allocations however include Rs 34.66 crore for 2,406 farmers in Gorakhpur, Rs 24.84 crore for 4,500 farmers in Bareilly, Rs 21.26 crore for 2,512 farmers in Lucknow, Rs 21.67 crore for 3,754 farmers in Meerut, Rs 38.05 crore for 4,697 farmers in Moradabad, and Rs 61.52 crore for 7,271 farmers in Saharanpur.
Overall, 25,140 farmers will benefit from the Rs 202 crore incentives in the first phase.
Additionally, Rs 50 lakh obtained from carbon credits will be distributed to 100 selected farmers in the Gorakhpur division.
The second phase will expand the program to seven more divisions: Devipatan, Ayodhya, Jhansi, Mirzapur, Kanpur, Varanasi, and Aligarh.
The third phase aims to cover the entire state under carbon financing.
Carbon financing is a groundbreaking financial tool that assigns a monetary value to carbon emissions reductions.
It allows businesses seeking to offset their emissions to purchase tradable permits in the form of carbon credits.
For farmers, this translates into financial rewards for reducing carbon dioxide emissions through tree planting.
By receiving carbon credits for each ton of carbon dioxide emissions they prevent, farmers gain a valuable financial incentive, aligning environmental sustainability with economic benefits.
This initiative not only supports the global fight against climate change but also empowers local communities by providing additional income streams for farmers.
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