The newly introduced Voluntary Carbon Market framework for the Agriculture Sector aims to empower small and medium farmers by providing them access to carbon markets. This initiative is designed to create opportunities for earning carbon credits, which can significantly enhance farmers' income while promoting environmentally-friendly agricultural practices.
The primary purpose of this framework is to integrate small and medium farmers into carbon markets. By doing so, it encourages the adoption of sustainable farming practices that can contribute to significant emission reductions. This initiative represents a crucial step towards aligning agricultural practices with global climate goals.
The framework was officially launched by Union Minister of Agriculture & Farmers’ Welfare and Tribal Affairs, Arjun Munda, on January 29, 2024. His leadership signifies the government's commitment to fostering sustainable agricultural practices among farmers across India.
Carbon markets function by assigning a monetary value to carbon emissions. These markets create economic incentives for reducing emissions through the generation and trading of carbon credits. Farmers adopting sustainable practices can earn these credits, which can then be sold, providing a new revenue stream.
Engaging in carbon markets offers numerous benefits for farmers. They can potentially earn additional income through the sale of carbon credits derived from their environmentally sustainable practices. This not only supports their livelihoods but also contributes to broader efforts to mitigate climate change.
Despite its potential, the voluntary carbon market in India faces several challenges. Key issues include inadequate monitoring systems, the overestimation of emission reductions, ambiguous ownership of carbon credits, and a pressing need for enhanced transparency. Addressing these challenges is vital for the market's successful implementation.
The Accreditation Protocol of Agroforestry Nurseries is designed to enhance institutional arrangements for the production and certification of planting materials. This protocol aims to promote agroforestry across India by ensuring that quality planting materials are available, thus offering guaranteed returns to stakeholders and supporting the National Agroforestry Policy.
The Indian Institute of Agricultural Research (ICAR) is expected to play a pivotal role in the implementation of the Voluntary Carbon Market framework. Their involvement is crucial in promoting best practices and ensuring that the framework contributes effectively to environmental sustainability.
Agriculture remains a cornerstone of India's economy and workforce, engaging approximately 54.6% of the population. This sector contributes about 18.6% to the nation's Gross Domestic Product (GDP), with a total sown area of 139.3 million hectares. Strengthening this sector through initiatives like the Voluntary Carbon Market can lead to significant economic and environmental benefits.
Q1. What is the purpose of the new framework for the Voluntary Carbon Market in the Agriculture Sector?
Answer: The framework aims to introduce small and medium farmers to carbon markets, enabling them to earn carbon credits and adopt sustainable agricultural practices.
Q2. Who launched the framework for the Voluntary Carbon Market in the Agriculture Sector?
Answer: The framework was launched by Union Minister of Agriculture & Farmers’ Welfare and Tribal Affairs, Arjun Munda, on January 29, 2024.
Q3. How do carbon markets operate?
Answer: Carbon markets assign a price to carbon emissions, creating economic incentives for reducing emissions through the generation and trading of carbon credits.
Q4. What benefits can farmers expect from carbon markets?
Answer: Farmers can earn additional income by selling carbon credits generated through adopting sustainable practices, contributing to climate change mitigation.
Q5. What challenges does the voluntary carbon market face in India?
Answer: Challenges include a lack of robust monitoring, overestimation of emission reductions, unclear ownership of carbon credits, and a need for greater transparency.
Question 1: Who launched the Voluntary Carbon Market framework?
A) Nirmala Sitharaman
B) Arjun Munda
C) Amit Shah
D) Narendra Modi
Correct Answer: B
Question 2: What is a primary benefit of carbon markets for farmers?
A) Access to government loans
B) Earning carbon credits
C) Subsidies on seeds
D) Free agricultural training
Correct Answer: B
Question 3: What percentage of India's workforce is engaged in agriculture?
A) 30.5%
B) 54.6%
C) 70.2%
D) 45.3%
Correct Answer: B
Question 4: Which institute is expected to support the Voluntary Carbon Market framework?
A) IIT Delhi
B) ICAR
C) IIM Bangalore
D) ISRO
Correct Answer: B
Question 5: What challenge exists within the voluntary carbon market in India?
A) High profitability
B) Lack of robust monitoring
C) Excessive transparency
D) Unlimited carbon credits
Correct Answer: B
Kutos : AI Assistant!
