The CDM executive board of the United Nations Framework Convention on Climate Change has confirmed the registration of ITC Limited’s social forestry project in Khammam district of Andhra Pradesh. This is the eighth registered CDM project of the cigarette, hotels and consumer products company.
CDM (Clean Development Mechanism) is an arrangement under Kyoto Protocol allowing industrialised countries with a greenhouse gas reduction commitment to invest in projects that reduce emissions in developing countries. The CDM executive board issues CERs (certified emission reductions), commonly known as carbon credits whose value can be monetised through trading.
According to ITC, the project, a first-of-its-kind in India, has been initiated on private degraded wastelands owned by tribals and the rural poor. It will contribute to the livelihoods of these disadvantaged sections in 193 villages in the district.
The benefits of the activity, which will earn 57792 CERs, will be passed on to the tribals post expenses incurred for the project. The project has been innovated to ensure that poor tribals in rural India will also be able to benefit from carbon credits traded across the world, ITC stated in a press release on Wednesday.
The project titled ‘Reforestation of severely degraded landmass in Khammam district of Andhra Pradesh’ is being implemented through non governmental organisations in close partnership with local communities. ITC provides farmers with financial and technical assistance to implement the project, the release added.
