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FRAMEWORK FOR VOLUNTARY CARBON MARKET IN AGRICULTURE



  Apr 16, 2024

FRAMEWORK FOR VOLUNTARY CARBON MARKET IN AGRICULTURE



Q: What is the purpose of the new framework for the Voluntary Carbon Market in the Agriculture Sector?

A: The framework aims to introduce small and medium farmers to carbon markets, providing them with opportunities to earn carbon credits. This initiative seeks to encourage the adoption of environment-friendly agricultural practices and contribute to emission reduction efforts.

Q: Who launched the framework for the Voluntary Carbon Market in the Agriculture Sector?

A: Union Minister of Agriculture & Farmers’ Welfare and Tribal Affairs, Arjun Munda, launched the framework on January 29, 2024.

Q: How do carbon markets work?

A: Carbon markets are systems designed to assign a price to carbon emissions, thereby creating economic incentives for reducing emissions through the generation and trading of carbon credits.

Q: What are the expected benefits of introducing farmers to carbon markets?

A: By participating in carbon markets, farmers can potentially benefit financially through the sale of carbon credits generated by adopting more sustainable and environment-friendly agricultural practices. This approach also contributes to global efforts to combat climate change.

Q: What challenges exist within the voluntary carbon market in India?

A: Challenges include a lack of robust monitoring, overestimation of emission reductions, unclear ownership of carbon credits, and a need for greater transparency. These issues highlight the importance of establishing clear objectives and designing appropriate rules for the carbon market.

Q: What is the Accreditation Protocol of Agroforestry Nurseries?

A: This protocol is designed to strengthen institutional arrangements for the production and certification of planting material, promoting agroforestry across the country. It aims to ensure the availability of quality planting material, offering assured returns to stakeholders and supporting the objectives of the National Agroforestry Policy.

Q: What role is the Indian Institute of Agricultural Research (ICAR) expected to play?

A: The ICAR is asked to take an active role in promoting and implementing the framework for the Voluntary Carbon Market in the Agriculture Sector, ensuring the adoption of best practices and contributing to environmental sustainability.

Q: How significant is agriculture to India’s economy and workforce?

A: Agriculture and allied sectors engage approximately 54.6% of India's workforce, with the sector contributing 18.6% to the country's Gross Domestic Product (GDP). The total sown area in India is reported to be 139.3 million hectares.


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