UP govt to implement Carbon Credit Finance Scheme for farmers' economic well-being

The Uttar Pradesh government is implementing the Carbon Credit Finance Scheme to promote environmental protection and strengthen the economic well-being of farmers.

So far, Rs 49.55 lakh has already been distributed to 244 farmers under the scheme, said a press statement.

In the next phase, the government is set to disburse Rs 25.45 lakh to 401 more farmers, with the process officially initiated by Chief Minister Yogi Adityanath during the state-wide plantation drive in Ayodhya Dham.

Uttar Pradesh is the first state in the country to implement such a model.

The farmers from Gorakhpur, Bareilly, Lucknow, Meerut, Moradabad and Saharanpur divisions have been included in the first phase.

Through agroforestry, these farmers have collectively generated an estimated 42.19 lakh carbon credits. At the rate of $6 per carbon credit, the distribution takes place every five years, said the statement.

The farmers selected under this phase include those from Badaun, Pilibhit, Shahjahanpur, and Bareilly (Bareilly division); Bijnor, Najibabad, Sambhal, Rampur (Moradabad division); Ghaziabad, Baghpat, Bulandshahr, Gautam Buddha Nagar, Hapur and rural areas of Rampur (Meerut division).

In Gorakhpur division, the districts of Deoria, Kushinagar and Gorakhpur are included, while the districts of Hardoi, South Kheri , Raebareli, Sitapur and Unnao are covered in Lucknow division.

In the second phase, the scheme will be extended to Devi Patan, Ayodhya, Jhansi, Mirzapur, Kanpur, Varanasi and Aligarh divisions, and eventually rolled out across the entire state in phase three.

The scheme is being implemented in collaboration with The Energy and Resources Institute (TERI).

Under this model, one carbon credit is issued for every metric ton of carbon dioxide or other greenhouse gases absorbed from the atmosphere. The scheme not only supports India's climate goals, but it also enhances farmers' income.

By participating in this programme, the farmers can earn Rs 250 to Rs 350 per tree apart from the standard market price of the tree.

The scheme aligns with the Government of India's goal to achieve carbon neutrality by 2070 and stands as a landmark step toward that vision.