07 August 2024, New Delhi: The Government notified Carbon Credit Trading Scheme in December 2023 for implementation of carbon trading mechanism. Under the offset mechanism of carbon trading, one of the selected sectors is the Agriculture sector. Through this scheme, entities /farmers would be able to register GHG mitigation projects for issuance of carbon credit certificates that meet the required parameters as per approved methodologies.
Union Minister for Agriculture and Farmers’ Welfare, Shivraj Singh Chouhan in a written reply in Rajya Sabha mentioned, “Ministry of Agriculture & Farmers Welfare has developed a framework for promoting Voluntary Carbon Market (VCM) in India for the agricultural sector to encourage small and marginal farmers to get carbon credit benefits.Introducing carbon markets to farmers can accelerate the acceptance of eco-friendly agriculture practices while enhancing their income. Farmers can adopt sustainable agriculture practices and get additional income from carbon credits as well as other agro-ecological benefits in terms of improved natural capital such as soil, water, bio-diversity etc.”
The Framework for the voluntary carbon markets in the agriculture sector will help promote carbon market among the farming community incentivize and finance sustainable agricultural practices. The major objective of VCM framework is to create awareness and capacity building of the stakeholders, motivating farmers to adopt sustainable agricultural practices. In the long run this would contribute to sustainable development goals, support rural livelihoods, and promote resilience in agriculture.
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