T.N. looking to tap into carbon market to fund climate projects: Supriya Sahu

Tamil Nadu is looking to tap into the carbon market to fund its climate action projects such as the Wetland Mission and increasing the mangrove cover, Supriya Sahu, Additional Chief Secretary, Department of Environment, Climate Change and Forests, said on Wednesday.

“We have focused on specific projects where the private sector can participate. This includes creating new mangrove areas, improving the degraded mangrove patches and ensuring that you create a large number of green jobs benefiting the local community and that the projects are registered for carbon credits,” she said at the Conference on Carbon Neutrality organised by the Confederation of Indian Industry (CII) here.

The Government of India has come out with the carbon credit framework. In the coming months, we would register the projects, get them rated, and make presentation for the carbon credits program, Ms. Sahu said.

Carbon markets were carbon pricing mechanisms that enable governments and non-State actors to trade greenhouse gas emission credits.

Blue carbon credit was another unique aspect for Tamil Nadu, and in the last budget session, the State government announced that it would set up a Blue Carbon agency, she pointed out. Having a coastline of 1,076 km and with 14 districts being coastal, the opportunity to harness blue carbon was humongous and that is what the State was focusing on, she added.

Ms. Sahu also highlighted partnership projects such as expansion of agroforestry on 8,000 sq km and forest land restoration on 4,500 sq km. On the Wetland Mission to restore 100 wetlands, Ms. Sahu said that it was a long-term project and the idea was that every year, five to six wetlands should be taken up for massive restoration.

Industries can partner with the State government to increase mangrove cover, and to help abate pollution, she added.

On green rating for industries, she said that the Tamil Nadu Pollution Control Board was in the process of developing a website so that industries could register themselves, forms could be filled up, rating mechanism could be started, and the certification process could be carried out, Ms. Sahu said.

She further said that Tamil Nadu was the only State in the country to set up a first-of-its kind Tamil Nadu Green Climate Fund, the announcement for which was made last year.

Tamil Nadu Infrastructure Finance Management Corporation, which manages the fund, would select industries and corporates for allocating the funds. It is a ₹1,000-crore fund. Besides, another ₹1,000-crore fund had been allocated for the Green Shoe Option. The operational aspect has taken some time. We are in the process of rolling it out, Ms. Sahu added.

Kavin Kumar Kandasamy, CEO, ProClime, said Tamil Nadu was keen on using the power of carbon markets to further its greening as well as low carbon aspirations. The carbon market offers an alternative funding source for climate projects, he said.

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