July 02, 2024 | The Wire |
Over the past six decades, intensive farming practices in India have led to significant soil degradation, loss of organic carbon, and chemical pollution, impacting soil fertility, biodiversity, and groundwater resources. Rice cultivation alone contributes around 17.4% of the country's agricultural greenhouse gas (GHG) emissions, as reported in India’s Third National Communication to the UNFCCC in December 2023.
To address these issues, carbon farming, or regenerative agriculture, presents a viable solution. This approach involves practices like reduced tillage, crop rotation, agroforestry, and improved water management to sequester carbon in soil and plants. Farmers adopting these methods can earn carbon credits, with each credit representing one ton of COâ‚‚ equivalent removed. These credits can be traded in voluntary carbon markets (VCM) to generate additional income.
Globally, the VCM was valued at approximately $2.4 billion in 2023, though agriculture accounts for only 1.4% of issued credits. India leads with 1,586 projects and 321 MtCO2e of credits but focuses mainly on renewable energy. As of January 2024, the Indian agriculture ministry has introduced a framework to support regenerative practices and green credit programs, aiming to enhance climate resilience and provide financial incentives to farmers.
