Himachal Pradesh Constitutes Carbon Credit Committee to Tap into Growing Carbon Market.
CM Sukhu envisions enhanced revenue generation through carbon credit projects.
Shimla:
The Himachal Pradesh State Government has officially constituted a Carbon Credit Committee to explore and maximize the potential of the emerging carbon market, aimed at generating additional revenue for the state. The Committee, which will be chaired by the Additional Chief Secretary of Forests, will delve into both international and domestic carbon markets to identify and implement sector-specific projects tailored to the state’s unique environmental landscape.
In a statement, Chief Minister Sukhvinder Singh Sukhu emphasized that the initiative would bolster the state government’s capacity to develop, identify, and manage carbon credit projects, which are crucial for both environmental sustainability and economic growth. The 10-member committee will engage in a comprehensive study of existing carbon market mechanisms, with the goal of creating opportunities to generate revenue through carbon credits.
The committee’s role will extend beyond research. It will collaborate with various government departments to identify potential carbon credit projects, assisting in the development of state climate policies and frameworks related to carbon credits. The committee will guide departments in formulating and implementing projects to secure carbon credits, while also outlining procedures for engaging with project developers, consultants, and buyers.
As part of its mandate, the committee will facilitate regular interactions with Indian Carbon Market administrators and global carbon standards, ensuring Himachal Pradesh aligns with best practices in the global carbon trading arena. Furthermore, the committee will review successful carbon credit projects from other states, recommending strategies to re-align existing state schemes and programs to maximize the state’s carbon credit potential.
The creation of this committee signals a step forward in Himachal Pradesh’s efforts to integrate environmental sustainability into its economic development strategy, capitalizing on the global push towards carbon reduction and climate change mitigation.
