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Time of India
19-07-2025
- Business
- Time of India
UP pays for carbon credits to farmers in advance to motivate them
Representative image/AI generated LUCKNOW: To promote agroforestry, UP has thought out of the box to start making pre payments to farmers for the carbon credits that they will supposedly earn five years from now. While the trees on farmers' land, against which the partial payments have been made in advance, are yet to become repositories of carbon, 237 farmers who registered under the first phase of the carbon finance project of the UP govt until now have been made partial prepayments worth Rs 48.6 lakh already. Sources in the forest department said that the prepayments have been made to motivate farmers. And, if after five years the trees, against which payments have been made, do not survive, the remaining amount will not be paid. Farmers have been paid around Rs 10,000 per head as partial prepayment. The impact of it is already visible as, so far, 25,140 farmers have registered under the scheme for the first phase. The second phase of the scheme was launched about a month ago and registration under it has also started. The govt made a partial advance payment because the base year for the scheme is 2024-25, which means farmers who planted saplings in 2024-25, or years after that, will draw benefits under it, but only after five years of planting the saplings. Notably, in July 2024, UP had become the first state in the country to give advance partial payment to farmers against carbon credits, earned through plantation and its conservation. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo Farmers earn carbon credits for reducing carbon emissions of greenhouse gases in the atmosphere because trees planted by them on their land absorb carbon dioxide from the atmosphere continuously for photosynthesis. In the process, while trees keep the carbon stored, they give out oxygen, thus reducing carbon concentration in the air and improving its metric tonne of carbon dioxide stored in trees is one carbon credit, for which a beneficiary farmer is paid money equivalent to six dollars every five years. The UP forest department has an agreement with TERI (The Energy and Resources Institute) and VNV Advisory Services on the project. While farmers register with the forest department at the divisional level, teams from TERI will verify and validate the claims made before the carbon credits are assessed and monetised. 'Until now, around Rs 25 lakh has been transferred to the Dudhwa Tiger Conservation Foundation to distribute as advance payment to farmers in the region. The process to distribute Rs 26.15 lakh to 408 beneficiary farmers is underway,' said sources in the forest department. A farmer will draw payments against carbon credits for 30 years for the same plantation under the carbon finance project. 'This amounts to an extra income for the farmer for only keeping the tree growing on its land,' said an official. The scheme was implemented in six forest divisions last year, including Gorakhpur, Lucknow, Bareilly, Meerut, Moradabad, and Saharanpur. In the second phase, seven more divisions were covered under it, namely Devipatan, Ayodhya, Jhansi, Mirzapur, Kanpur, Varanasi, and Aligarh.
The Print
11-07-2025
- Business
- The Print
UP govt to implement Carbon Credit Finance Scheme for farmers' economic well-being
In the next phase, the government is set to disburse Rs 25.45 lakh to 401 more farmers, with the process officially initiated by Chief Minister Yogi Adityanath during the state-wide plantation drive in Ayodhya Dham. So far, Rs 49.55 lakh has already been distributed to 244 farmers under the scheme, said a press statement. Lucknow, Jul 10 (PTI) The Uttar Pradesh government is implementing the Carbon Credit Finance Scheme to promote environmental protection and strengthen the economic well-being of farmers. Uttar Pradesh is the first state in the country to implement such a model. The farmers from Gorakhpur, Bareilly, Lucknow, Meerut, Moradabad and Saharanpur divisions have been included in the first phase. Through agroforestry, these farmers have collectively generated an estimated 42.19 lakh carbon credits. At the rate of $6 per carbon credit, the distribution takes place every five years, said the statement. The farmers selected under this phase include those from Badaun, Pilibhit, Shahjahanpur, and Bareilly (Bareilly division); Bijnor, Najibabad, Sambhal, Rampur (Moradabad division); Ghaziabad, Baghpat, Bulandshahr, Gautam Buddha Nagar, Hapur and rural areas of Rampur (Meerut division). In Gorakhpur division, the districts of Deoria, Kushinagar and Gorakhpur are included, while the districts of Hardoi, South Kheri , Raebareli, Sitapur and Unnao are covered in Lucknow division. In the second phase, the scheme will be extended to Devi Patan, Ayodhya, Jhansi, Mirzapur, Kanpur, Varanasi and Aligarh divisions, and eventually rolled out across the entire state in phase three. The scheme is being implemented in collaboration with The Energy and Resources Institute (TERI). Under this model, one carbon credit is issued for every metric ton of carbon dioxide or other greenhouse gases absorbed from the atmosphere. The scheme not only supports India's climate goals, but it also enhances farmers' income. By participating in this programme, the farmers can earn Rs 250 to Rs 350 per tree apart from the standard market price of the tree. The scheme aligns with the Government of India's goal to achieve carbon neutrality by 2070 and stands as a landmark step toward that vision. PTI CDN AS AS This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
NDTV
07-07-2025
- Climate
- NDTV
Explained: What's contributing to record-breaking heat in Kashmir
Kashmir, popular for its pleasant weather, witnessed a record-breaking heat recently. Though rainfall on Monday brought some respite from the scorching heat across the Valley. However, experts are analysing factors that are contributing to the rise in temperature in the region. "Overall temperatures have been rising worldwide, and in India, we are seeing increases in both maximum and minimum temperatures and increases in temperatures across seasons," Suruchi Bhadwal, Senior Fellow and Director, Climate Change and Air Quality Impacts, Vulnerability and Adaptation Expert at The Energy and Resources Institute (TERI), told NDTV. Ms Bhadwal said that Kashmir is experiencing the same trend, as a rise in temperatures will be observed. There will be years with extremes of exceeding temperatures. From climate change to environmental degradation, several factors are responsible for the intense heat. Rising global temperatures are contributing to the heatwave, with temperatures increasing by around 6 degrees Celsius in Kashmir. Deforestation, vandalism of water bodies, and unplanned urbanisation have contributed to the increased temperatures. A prolonged dry spell has also led to a 50% rainfall deficit, triggering the heatwave and impacting agriculture, particularly paddy crops. Meanwhile, reduced snowfall in the mountains has dried up autoconvective rainfalls, which would normally bring relief from the heat. Climate change has also impacted agriculture. In the Kashmir region, all crops are sensitive to a rise in temperatures, especially maize, saffron and apple crops. How does urbanisation contribute to the Urban Heat Island effect? Cities like Srinagar within Kashmir have both open spaces and habited locations. Ms Bhadwal said, "Localised effects could be due to deforestation and increased population densities. The UHI is largely prevalent in cities like Delhi, Mumbai, Chennai and Kolkata - highly urbanised, concretised." What measures can be taken to mitigate the effects of heatwaves in Kashmir? Ms Bhadwal said that it's the same as other cities. "Identify vulnerable target groups" likely to be the most affected, avoid outdoor activities in peak hours, stagger work hours from peak hours, stay hydrated, walk outdoors in the protection of an umbrella or shade, stay in cooled environments, keep indoor environment cooled within houses." Impact of heatwave Kashmir's ecosystem The heatwave has severe implications for Kashmir's ecosystem: Water Scarcity: The Jhelum River, Kashmir's lifeline, has dried up significantly, affecting agriculture, horticulture, and tourism. Food Security: Paddy fields are drying up, and apple production is likely to be impacted due to water scarcity. Health Concerns: The heatwave poses serious health risks, particularly for students and staff in schools without proper ventilation or cooling mechanisms.
Mint
07-07-2025
- Automotive
- Mint
Rush to buy rare earth magnets at a premium cushioned blow from China curbs
Manufacturers using permanent magnets in automobiles and electronics products rushed to secure the supplies of magnets in March and April by paying more, just as trade tensions spiked between the US and China. Mint's analysis of the country's trade data showed that the quantity of imports of such magnets saw a jump in March and April, with a 20% and 87% respective increases compared to a year ago. In value terms, the imports increased by 37% and 19% during these two months. Imports at such a premium are in contrast to the low prices of such imports in 2024-25 during which, while the quantity of imports of these magnets nearly doubled, the value of these imports increased by only 3%. India imported 53,740 tonnes of permanent magnets in FY25, a rise of 88%. However, in terms of value, the imports totalled $206 million, an increase of just 3%. By contrast, total import volume rose 21% year-on-year to 2,674 tonnes in March, with value jumping 38% to $16.87 million. Similarly, for April, volume stood at 3,064 tonnes, rising 87%, while value rose 17% to $17.64 million. The sudden jump in value in March and April, along with a surge in quantity, suggests that suppliers rushed to secure the supplies by paying more, anticipating disruptions. 'Since the start of the year, traders have been bracing for the impact of trade uncertainty after (US President) Donald Trump came to power. More suppliers rushed to secure the supplies, which is reflected in March and April's numbers," said Puneet Gupta, director at market intelligence firm S&P Global Mobility. Permanent magnets category reported by the government have both ferrite and rare earth magnets. However, industry experts suggest that due to the performance advantage of the rare earth magnets, it's rare earth magnets that are mostly imported. "The sudden rise in the value of permanent magnet imports is something that China's export control order aimed for. This is a phenomenon that countries across the world will be facing," Sharif Qamar, associate director-transport and urban governance at TERI, a non-profit think tank. As per data compiled by Axis Securities, rare earth magnet prices have increased by 13-17% since Trump took over the US presidency in January. In March, Trump announced the imposition of 25% tariffs on automobile imports into the country, triggering panic among sellers in countries like China, South Korea and Japan that have a significant exposure to the market. In April, the Trump administration doubled down and imposed reciprocal tariffs on all countries. In response to tensions over trade with the US, China imposed a restriction on the export of rare earth magnets starting 4 April. What was initially thought to be a move aimed at the US soon engulfed Indian suppliers as well. 'Chinese vendors started warning Indian motor makers like us to stockpile as restrictions could come into effect," a motor manufacturer told Mint on the condition of anonymity. The stocking of such magnets has ensured that production at India's top automakers has not been disrupted, and they still have some stockpile left. However, the clock is now ticking as China has not approved any applications so far. More than three fourths of such imports happened directly with China. Companies like Bajaj Auto had already flagged earlier that the supply crunch of rare earth magnets will lead to production cuts. 'There is no short-term solution. Alternatives exist, but they will take time to develop," Rakesh Sharma, executive director at Bajaj Auto, said at the company's earnings call on 29 May. Sharma had warned that the shortage of rare earth magnets could lead to production cuts starting July. During a press conference held late last month, Tata Motors management said that some supplies had come through and there was enough stockpile to manage the situation for Mint reported on 7 July that automakers have formally asked the government to cut duties on imports of motors which are made using rare earth magnets, suggesting that shortage of the critical component is now threatening the production lines. The auto industry has been consulting the government and has already sent 30 applications to the Chinese government for the export of rare earth magnets. A delegation consisting of representatives from Society of Indian Automobile Manufacturers (Siam) and Automotive Component Manufacturers Association of India (ACMA) has requested a meeting with the Chinese commerce ministry. However, there has been no progress on the issue so far and the companies are still waiting for clarity on whether the supplies of such magnets will come through.
Time of India
28-06-2025
- Business
- Time of India
MSME hubs to cut carbon emission by 4mn+ tonnes
Mumbai: As the world marked World MSMEs (Micro, Small, Medium Enterprises) Day on Jun 27, greenhouse gas (GHG) emissions from India's MSME sector are projected to increase from approximately 30 million tonnes of CO₂-equivalent (MtCO₂e) in 2016–17 to over 72 MtCO₂e by 2029–30, more than doubling in just over a decade, data from The Energy and Resources Institute (TERI) highlights. Tired of too many ads? go ad free now Recognising this, Maharashtra's State Energy Efficiency Action Plan (SEEAP) has set ambitious targets to reduce carbon emissions by up to 55.15 million metric tonnes of CO₂ by 2031 through comprehensive energy efficiency and de-carbonisation measures. The plan, said Asar, a social impaction advisory forum focused on environmental and social issues, emphasises a cluster-based approach—targeting hubs like Pune Forging, Kolhapur Foundry, and Bhiwandi Textile—using mandatory energy audits, technology upgrades, and policy incentives to maximise energy savings and achieve emissions reductions of over 4.05 million metric tonnes of CO₂ by 2031. This emission reduction will be equivalent to taking nearly 9 lakh cars off the road for a year or eliminating the annual emissions from burning 2 million tonnes of coal, Asar pointed out. The state accounts for 17% of all MSMEs in India, with over 82.63 lakh registered units engaged across a range of sectors, including automotive components, general engineering, electronics, textiles, and metals. These enterprises generate approximately 40% of the state's Gross State Domestic Product (GSDP) and provide livelihoods to over 1.3 crore people. However, many of these units, especially those in metal casting and foundry operations (melting and casting metal for vehicles, machinery, and infrastructure), continue to rely on high-emission fuels such as coke and coal, and have yet to fully benefit from energy efficiency tools or emissions tracking mechanisms. In Maharashtra, an estimated 8,259 MSME units are operating in the secondary steel and foundry sector alone. Tired of too many ads? go ad free now Collectively, they are estimated to consume 11.8 million tonnes of oil equivalent (Mtoe) in energy annually and emit 58 MtCO₂, as per data reported through Sameeeksha, India's energy efficiency platform for MSMEs. "Foundries are indispensable to India's manufacturing economy, which boasts the world's second-largest foundry sector, but they're also incredibly hard to decarbonise," said Rahul Patil, chairman, Indian Institute of Foundrymen - Kolhapur.
