India: Framework for Voluntary Carbon Market In Agriculture Sector.

Today is Monday, March 18 2024.

A few weeks ago India announced its Voluntary Carbon Market for Agriculture. As promised to our readers, we would publish more details as soon as we get them. Here they are: a 68-pages document titled "Framework for Voluntary Carbon Market In Agriculture Sector" by the Ministry of Agriculture and Farmers Welfare.

India Framework for Voluntary Carbon Market In Agriculture Sector.

According to the report, modern times requires moving beyond the thinking of merely increasing "yield per hectare" and instead adopt sustainable practices that not only increase farmer incomes but also promote social equity and environmental management.

Farmers can reap both direct and indirect benefits by participating in carbon markets through sequestering carbon in their lands:

• direct: cash incentives for the carbon sequestered from $8,5 to 12 per credit. An average farmer can sequester 2-6 credits per ha.

• indirect: improvement of soil health, biodiversity, water management, climate resilience and temperature regulation

Here is how India steps in to promote these initiatives, all well explained in the report:

• National Voluntary Carbon Market

• Carbon Credit Trading Scheme

• Green Credit Program and

• Payment for Ecosystem Services.

The topic "VCM Registry for the Agricultural Sector" on page 20 is a must read. It quotes the existing and well known international registries. "On the other hand, the Govt. would have limited control over the process and there would be dependence on external agencies".

Recently India "turned the tables" and took on the role of validation in its Carbon Credit Trading Scheme.

Indian Agriculture is highly vulnerable to climate change with about 50% cultivated areas under rain-feed conditions. As an example, one historical milestone das mentioned in one recent Nature editorial, the Ganges and Yamuna rivers connection, constructed from 1842 to 1854, even before the Suez Canal.

In that sense, needless to emphasise the growing protagonism India is regaining in the World these days.

Click at the image below to download this proposed framework for the domestic voluntary carbon market in agriculture sector in India.

It include an Annex with about 15 methodologies for carbon credit projects in agriculture.

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www.carboncreditmarkets.com

Carbon Credit Markets, direct and indirect benefits for farmers. Source, India Framework for Voluntary Carbon Market In Agriculture Sector.