KOLKATA, India, June 10 /PRNewswire/ -- The CDM Executive Board of the United Nations Framework Convention on Climate Change has confirmed the registration of ITC's unique and large-scale social forestry project - a first of its kind in India.
The project, which has been initiated on private degraded wastelands owned by tribals and the rural poor, will contribute to the livelihoods of these disadvantaged sections in 193 villages in the Khammam district of Andhra Pradesh. The benefits of the project activity, which will earn 57792 CERs, will be passed on to the tribals post expenses incurred for the CDM project. A major step forward in climate change mitigation, ITC's project has innovated to ensure that poor tribals in rural India will also be able to benefit from carbon credits traded across the world.
The project also makes a very significant contribution by creating a carbon sink of 3070.19 hectares, which not only helps in sequestration of greenhouse gases such as CO2, but also creates multiple benefits including a large green cover, groundwater recharge, conserving in-situ moisture and increase in soil fertility. The project will also help improve soil and water erosion control measures in the river Godavari catchment area. This Forestry project, implemented by ITC, assumes special significance as it is the world's first large scale Afforestation/Reforestation project with retrospective credit of 57792 CERs.
The project titled Reforestation of severely degraded landmass in Khammam district of Andhra Pradesh, is being implemented through Non Governmental Organizations (NGOs) in close partnership with local communities. ITC provides farmers with financial and technical assistance to implement this Reforestation project. The primary objective of this effort is to create a long term secure source of sustained income for the rural poor in the area and to enable sequestration of CO2 through reforestation activities.
This is ITC's 8th registered CDM project, and contributes to its achievement of being the only company in the world to attain the major global environmental milestones of being carbon positive, water positive and solid waste recycling positive.
Contacts Mr Nazeeb Arif, Vice President, Corporate Communications, ITC Ltd, ITC Centre, 8th floor, 37, J L Nehru Road, Kolkata - 700 071, Phone : +91-33-22880329.
Contacts: Mr Nazeeb Arif, Vice President, Corporate Communications, ITC Ltd, ITC Centre, 8th floor, 37, J L Nehru Road, Kolkata - 700 071, Phone : +91-33-22880329.