U.P. farmers to earn from carbon credits they generate

Farmers are given carbon credits for each tonne of carbon dioxide emissions they prevent, providing them with financial benefits as an incentive

Farmers in Uttar Pradesh will soon get paid for carbon credits they earn for the state. The scheme takes off with farmers in Gorakhpur, Lucknow, Bareilly, Meerut, Moradabad, and Saharanpur.

For representation only (HT Photo)

A carbon credit allows its holder to emit one ton of carbon dioxide or an equivalent amount of other greenhouse gases. In the context of farmers, it targets the reduction in carbon emissions achieved through grown up trees. Farmers are given carbon credits for each tonne of carbon dioxide emissions they prevent, providing them with financial benefits as an incentive.

As part of India’s goal to achieve net-zero carbon emissions by 2070, farmers will be given money against carbon credits they generate by planting fast-growing trees such as Poplar, Melia, Dubia, and Semal. These carbon credits will be purchased every five years at a rate of $ six per credit, a press statement from the state government issued on Monday read.

A total, 25,140 farmers will benefit from ₹202 crore. In the first phase, ₹50 lakh obtained from carbon credits will be distributed to 100 selected farmers in the Gorakhpur division, the press statement read.

In the second phase, seven divisions—Devipatan, Ayodhya, Jhansi, Mirzapur, Kanpur, Varanasi, and Aligarh—have been selected. In the third phase, the entire state is proposed to be covered under carbon financing.

Aiming to generate high carbon credits, the state government has planned planting over 36 crore saplings this year.