BENGALURU: The Western Ghats Conservation Task Force Committee (WGCTFC) on Friday submitted a proposal to the state government for the creation of Karnataka Western Ghats Carbon Credit Corporation.
The WGCTFC has also submitted a dossier for creation of the framework for Western Ghats Ecological Monetization and Carbon Credit Integration. The Committee Chairman Mohammed Tabrez Alam Sharif said the proposal was submitted after holding discussions with Chief Minister and Minister for Forest, Environment and Ecology and the state forest department. He said that carbon credit has become a crucial aspect for all commercial and industrial organisations, be it for expansion, loans and other financial aspects. Once implemented, Karnataka will be the first state in India to undertake such an initiative.
He said the report prepared by IISc on the ecological value and carbon credit score is limited to only research. But the WGCTFC’s report is based on practical implementation.
He said in case of regions in and around the Western Ghats, the proposal is aimed to transform the existing carbon sink with farmers, estate owners and others into a multi-crore non-tax revenue stream. By integrating with the Global Carbon Market under Article 6 of the Paris Accord and India’s Green Credit Programme, through the proposed corporation, Karnataka can emerge as a pioneer in climate finance, he said.
To undertake the creation of the corporation and execute the works, the panel has sought a seed capital of Rs 25 crore and permission to undertake high precision Light Detection and Ranging mapping and baseline biomass surveys across the Western Ghats.
