The Ministry of Climate Change under Reducing Emissions from Deforestation and forest Degradation (REDD) and Readiness Preparation Project with financial grant of US$7.81 million, has been implementing multiple initiatives for tapping international funding through carbon stocks trade.
According to the Economic Survey 2021-22 announced at a press conference here Thursday, the funding was received under the Forest Carbon Partnership Facility (FCPF) of the World Bank
The REDD+, conservation of existing forest carbon stocks, sustainable forest management and enhancement of forest carbon stocks was a concept adopted by the countries under United Nations Framework convention on climate change (UNFCCC) in 2010. The concept relates to absorption of atmospheric carbon through forest resource. Due to accumulation of carbon in standing trees their financial value increases. Carbon stocked in forests is traded in carbon markets.
The Ministry was implementing REDD+ Readiness Preparation Project under the FCPF to complete following four essential elements of the REDD+ in order to fulfill the requirements of accessing result-based payments under REDD+ mechanism.
The progress made under the project included National Forest Reference Emissions Level (FREL) of deforestation was prepared with the technical assessment of the panel of UNFCCC over the period 2004 to 2012, which endorsed by UNFCCC.
It also included protocols have been developed for National Forest Monitoring System (NFMS) and Monitoring, Reporting and Verification (MRV) system.
The Framework was developed for Safeguards Information System (SIS) for REDD+ along with Strategic Environmental and Social Assessment, Environmental and Social Management and Feedback Grievance Redressal Mechanism. Moreover, a draft National REDD+ Strategy was prepared. The design of Payment for Ecosystem Services (PES) was also completed for twoecosystems i.e., Mangroves and temperate forests under the project.
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