J&K eyes revenue from green projects through carbon credits

Chief Secretary reviews framework; calls for comprehensive policy, capacity building and digital monitoring platform

SRINAGAR, SEPTEMBER 25: Jammu & Kashmir is looking to unlock the economic potential of its ecological assets and generate sustainable revenue through carbon markets and green financing, with the proposed J&K Carbon Credit Framework reviewed by Chief Secretary Atal Dulloo here on Thursday.

Dulloo chaired a meeting to review the framework, which envisages a strategy built around four key pillars — carbon markets, green cess, convergence and a dedicated Green Fund.

Appreciating the preliminary work undertaken by the Centre for Innovation and Transformation in Governance (CITaG) in collaboration with the Finance Department, the Chief Secretary called for a comprehensive policy document supported by a well-defined Standard Operating Procedure (SOP) for implementation across Jammu & Kashmir.

He also directed CITaG to organise a specialised capacity-building workshop for concerned departments on carbon accounting, data standards and implementation responsibilities.

Emphasising technology-driven monitoring and transparency, Dulloo suggested exploring collaboration with the Bhaskaracharya National Institute for Space Applications and Geo-informatics (BISAG-N) for developing an integrated digital monitoring platform and carbon registry.

Agriculture, hydropower and forestry identified as key sectors

Additional Chief Secretary, Finance, Shailendra Kumar highlighted the potential of agriculture, hydropower and forestry to generate carbon credits and attract green investments.

He asked CITaG to prioritise these sectors while incorporating emerging opportunities from rooftop solar installations under the PM Surya Ghar Yojana and the growing adoption of electric vehicles in the Union Territory.

Kumar also called for early establishment of a dedicated Green Fund to pool carbon proceeds and other green revenues, ensure their appropriate utilisation and finance future climate-resilient development initiatives.

J&K yet to generate carbon-market revenue

The CITaG presentation highlighted what it described as considerable untapped potential in J&K’s ecological assets, noting that the Union Territory has yet to generate revenue from global carbon markets despite investments in environmentally sustainable activities.

The meeting was informed that the Brihanmumbai Municipal Corporation (BMC) had earned ₹27 crore, Gujarat ₹22 crore, Indore Municipal Corporation ₹8.34 crore and Himachal Pradesh ₹20 crore through carbon-credit monetisation and similar initiatives.

The proposed framework seeks to integrate carbon screening into existing development programmes, including CAMPA, MGNREGS and the Holistic Agriculture Development Programme (HADP), with the objective of maximising environmental and financial returns while avoiding duplication of expenditure.

35% of carbon proceeds proposed for primary growers

A proposed revenue-sharing mechanism discussed at the meeting envisages 35 per cent of net carbon proceeds accruing directly to primary growers or community project owners.

Under the proposal, 30 per cent would go to the J&K Green Fund, 15 per cent to Farmer Producer Organisations (FPOs) and aggregators, and 10 per cent each to district-level climate initiatives and sector-specific sustainability accounts.

The meeting also discussed introducing a Green Tourism Contribution to mobilise resources for climate resilience and environmental conservation at major tourist destinations.

180-day roadmap proposed

The framework includes a proposed 180-day implementation roadmap covering preparation of a comprehensive inventory of green assets, identification and execution of five to seven priority pilot projects, and establishment of a secure digital repository for project-related data.

The proposed pilots would cover the Jammu and Srinagar Municipal Corporations as well as agriculture and forestry sectors.

The framework is intended to establish an institutional and financial mechanism for converting J&K’s environmental assets and climate-positive investments into measurable economic benefits for local communities and the Union Territory.

The meeting was attended by Additional Chief Secretary, Finance; Commissioner Secretary, Science & Technology; Managing Director, JKPDC; Commissioner, JMC/SMC; Director General, Resources; Director General, A&T; Director General, Budget; CEO, CITaG; concerned officers and technical experts from CITaG.