Shimla: India's first multi-million public afforestation scheme in Himachal Pradesh has been registered for carbon trading by the UN.
However carbon credits provide a way to reduce greenhouse gas emissions by giving them a monetary value.
Under the carbon trading scheme, 5,000 families settled in villages would receive carbon revenue for the next 20 years from the World Bank for providing green cover to 4,000 hectares of barren land in 10 districts of the state.
The project is estimated to generate carbon revenue of at least Rs.20 crore to the communities and individual land holders for the first 20 years, which is an incentive to protect forest cover. The first payment is likely to be disbursed to the stakeholders in the next two years.