December 12, 2023 | Eco-business |
In India, a growing number of farmers are adopting climate-friendly agriculture practices to generate carbon credits, creating a new revenue stream. Firms like Grow Indigo are partnering with farmers, encouraging them to adopt practices that emit fewer greenhouse gases, thus earning credits for avoided emissions. For instance, the direct-seeded rice method reduces water usage and methane emissions. Carbon credits can be sold to buyers looking to offset their own emissions. While this market is nascent, experts predict it could grow into a $5-7 billion market in India within a decade. However, concerns have been raised globally about the transparency and efficacy of voluntary carbon markets in contributing to emissions reductions. Critics argue that the market often serves the interests of developers and intermediaries rather than genuinely mitigating emissions.
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