http://www.forbes.com/sites/trevornace/2016/05/11/india-bet-6-billion-carbon-storage-afforestation/#6bcdeab292eb
India To Bet $6 Billion On Carbon Storage Through Reforestation Trevor Nace , I cover geology, earth science, and natural disasters. Forest in Kerala, India. India is investing $6.2 billion in reforestation over the coming years The Indian government is pushing the envelope in it’s recent $6.2 billion proposal to reforest 12% of the country. This comes as an aim to meet the emissions standards set forth by the Intended Nationally Determined Contribution (INDC) plan tocut the country’s emissions by up to 35% of 2005 levels by 2030. The $6.2 billion Compensatory Afforestation Fund (CAF) bill was passed by India’s lower house Parliament with overwhelming support and is now sitting with the upper house for final approval. The bill will fund afforestation across the country to increase forest cover from the current levels of 21 percent to 33 percent in the years to come. “Our forest cover will dramatically increase and it will result in achieving our target 33 percent of tree cover and most importantly 2.5 billion tonne of carbon sink as we have indicated in our INDCs.” – India’s Environmental Minister Prakash Javadekar from outside the Parliament. The bill will be funded through accumulated unspent amounts available to the Compensatory Afforestation Fund Management and Planning Authority (CAMPA). The fund will use “fresh accrual of compensatory levies and interest on accumulated unspent balance” to fund the bill with approximately Rs. 6,000 crore per year (roughly $900 million). India is one of the world’s largest greenhouse gas emitters, only behind China, United States, and the combined European Union. India hopes to offset its emissions by planting forests, a natural carbon sink that takes CO2 from the atmosphere and locks it into the tree. India set a target to create an additional 2.5 to 3 GtCO2e carbon sink through forestation by 2030. -- You received this message because you are subscribed to the Google Groups "geoengineering" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To post to this group, send email to [email protected]. Visit this group at https://groups.google.com/group/geoengineering. For more options, visit https://groups.google.com/d/optout.
