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Existing carbon credit projects in India listed under non-governmental entities must be examined to ensure inclusivity and efficiency.
Carbon markets allow businesses to offset their greenhouse gas emissions by purchasing carbon credits from projects that reduce or eliminate emissions.
Carbon markets in India are classified as either voluntary or compliance.
In compliance markets, businesses have to comply with emissions targets established by governments or international organisations such as the United Nations. If they exceed these limits, they must purchase carbon credits from projects such as sustainable agriculture or agroforestry.
Voluntary markets operate without government regulation and allow businesses and organisations to trade carbon credits through platforms such as the Clean Development Mechanism, Verra, or Gold Standard.
Carbon pricing helps to mitigate climate change by providing financial incentives for businesses and farmers to reduce greenhouse gas (GHG) emissions.
Businesses can support the global effort to reduce GHG emissions by purchasing carbon credits from emission-reduction projects or paying carbon taxes through compliance and voluntary markets, respectively.
Carbon credit projects are governed by two fundamental principles: additionality and permanence.
Additionality ensures that emission reductions are only achieved as a result of the carbon credit initiative. This means that farmers must adopt new sustainable practices; those who already do so are ineligible.
Permanence ensures that environmental benefits, such as carbon stored in soil, are preserved over time. For example, if a farmer abandons sustainable practices and returns to traditional methods, the carbon stored in the soil may be released, eliminating the benefits.
The science of measuring carbon in soil and greenhouse gas emissions is improving as digital technologies advance.
Remote sensing, satellite imagery, drones, and sensors are becoming more accessible, allowing for more accurate monitoring of carbon credits and project activities. These technologies will be critical to the success of carbon markets because they improve data collection and ensure that emission reductions are properly accounted for.
Carbon markets have the potential to transform Indian agriculture by converting sustainable farming practices into profitable opportunities for farmers.
They help to mitigate climate change by allowing farmers to earn carbon credits for using environmentally friendly farming methods, which benefits both the environment and the farmers financially.
Carbon markets allow farmers to adopt sustainable practices while earning additional income.
Farmers in India can generate carbon credits by reducing greenhouse gas emissions through practices such as zero tillage, alternate wetting and drying, and agroforestry. These credits can then be sold on the carbon market, providing farmers with financial incentives.
The National Bank for Agriculture and Rural Development, in collaboration with the Indian Council of Agricultural Research (ICAR) and state universities, has already launched several carbon credit projects under Verra, which target agricultural land across India.
In just four years, Verra has listed over 50 carbon farming projects in the agriculture sector, involving 1.6 million hectares. These projects aim to generate approximately 4.7 million carbon credits annually. However, none of the projects have yet been registered, so carbon credits have not been issued, and farmers have not received their expected payments. This indicates that India should address implementation issues before expanding.
Despite the potential for carbon farming in India, several challenges remain. One major issue is a lack of inclusion for marginalised communities, particularly small farmers and women. Many of these communities are excluded from the benefits of carbon credits, raising questions about social equity.
According to a recent study published in Climate Policy titled "Carbon farming in India: are the existing projects inclusive, additional, and permanent?", approximately 45% of farmers reported no communication, more than 60% lacked training in new techniques, and 28% abandoned sustainable practices after the second year due to insufficient financial incentives. A major issue is the delay in carbon credit payments; 99% of farmers have yet to receive their due payments.
To improve carbon farming projects, India must prioritise inclusivity, particularly among smallholders and marginalised communities. Offering higher prices for carbon credits from socially inclusive projects can be beneficial.
Regular communication, training, and timely payments are critical for engaging farmers and ensuring long-term participation.
Collaboration with research institutions to identify the best regions and techniques for carbon farming will also help to address issues such as yield penalties and ensure food security.
Policymakers, researchers, and private companies must collaborate to create a system that is transparent, inclusive, and effective. There is a need to ensure that farmers receive timely and fair payments, get adequate training, and navigate social issues in carbon farming projects. With improved implementation and targeted research, India can establish an expanding agricultural carbon market that benefits both the environment and farmers.
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PRACTICE QUESTION Q.Critically analyze the role of carbon markets in promoting sustainable agriculture in India. (150 words) |
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