Framework for Voluntary Carbon Market in Agriculture Sector
India Department of Agriculture and Farmers Welfare | Source | Download |
India's agriculture sector is a cornerstone of the economy, employing 54.6% of the workforce and contributing 18.6% of the Gross Value Added (GVA). However, the sector faces challenges due to excessive use of chemical fertilizers and pesticides, unsustainable natural resource use, and vulnerability to climate change. There is a pressing need for sustainable agriculture practices that balance economic growth with environmental conservation.
Policy Recommendation: Promoting Voluntary Carbon Markets (VCMs) offers a promising pathway to incentivize sustainable farming practices in India. By participating in VCMs, farmers can earn revenue from carbon credits generated through eco-friendly agricultural practices, which can enhance their financial stability and support rural livelihoods.
Key Actions
- Develop a Framework for VCMs: Establish a market-based mechanism to support sustainable agriculture by standardizing carbon credit protocols and ensuring transparency.
- Enhance Farmer Participation: Introduce VCMs and other initiatives like the Green Credit Program (GCP) to farmers, enabling them to benefit from sustainable practices while contributing to national and global climate goals.
- Support Sustainable Agriculture: Integrate VCMs with the National Mission on Sustainable Agriculture (NMSA) to promote practices like agroforestry, organic farming, and efficient water use, ensuring long-term food security and environmental sustainability.
Expected Outcomes: VCMs can help India achieve climate resilience in agriculture, improve natural resource management, and contribute to sustainable development goals. This approach will enhance farmer incomes, promote social equity, and foster a sustainable agricultural sector aligned with India's broader environmental and economic objectives.
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