: IAS Makes Indore Indias First to Earn Rs 50 Lakh Through Carbon Credits #IndiaNEWS #Environment Amidst the climate crisis the world is facing, many governments are deciding to mitigate carbon emissions

IAS Makes Indore Indias First to Earn Rs 50 Lakh Through Carbon Credits #IndiaNEWS #Environment
Amidst the climate crisis the world is facing, many governments are deciding to mitigate carbon emissions by banning fossil fuel cars and switching to greener alternatives.
However, the environment-friendly solutions are perceived infeasible for its heavy initial costs. This holds true, especially when it comes to spending taxpayers money for the greater good.
But, an IAS officer in Indore, Madhya Pradesh, has found a solution to monetise green projects by selling carbon credits earned for the projects and earning a revenue worth Rs 50 lakh from it.
A carbon credit is a tradable certificate or permissions obtained for the right to emit one tonne of carbon dioxide or other harmful greenhouse gases.
Chief Executive Officer of Smart City Project, Aditi Garg, says, “It is the first time when any smart city in the country has been able to earn revenue from its sustainable projects in such a manner. ???
Converting carbon to money
Biomethanation plant at Kabit Khedi, Indore
“The environment-friendly projects are viewed as economically infeasible as they require huge investments. They are taken more out of the social or environmentally conscious mindset. The environment and climate is not a profitable commodity. So, I wanted to challenge the notion by earning small but a considerable amount of money,??? says Aditi.
“Indore has been the cleanest city in India for four consecutive years. Hence, 10 months ago the Indore Smart City Development Limited (ISCDL) registered three projects — a bio-methanation plant, a compost plant and 1. 5 MW solar plant, under the Verified Carbon Standard (VCS) programme of the United Nations Framework Convention on Climate Change (UNFCCC),??? the smart city CEO says.
The registered projects helped reduce carbon dioxide emissions by over 1. 7 lakh tonnes. “One tonne of carbon dioxide equals one carbon credit. The gross earnings received from these projects was paid at the rate of [CO]. 05 per tonne,??? she says.
Explaining the process, Aditi says that the next step, after registering the projects with the agency, is to get the documentation in place for submissions.
“The agency verifies the credibility and potential of the project, after which the certificates with carbon credits are issued. The certificates can then be traded in the international money market,??? Aditi tells The Better India.
Venturing into uncharted waters
Biomethanation plant at Chhoitram Mandi, Indore
The IAS officer describes the project of trading carbon credits as a crucial challenge with a great learning experience. “As we were the pioneers of this project in India, there was no template for us to follow.