Ahead of its 17th Conference of Parties in Durban late-November, the United Nations Framework Convention on Climate Change (UNFCCC) has registered for carbon credits the Rs.365-crore Himachal Pradesh Mid-Himalayan Watershed Project being co-funded by the World Bank.

This is the first project on public land in India registered for carbon credits.

Under the Kyoto Protocol on climate change industrialised nations are mandated to meet targets of reducing greenhouse gas emission responsible for causing global warming which was leading to climate change.

If they are unable to bring down emissions, countries or companies operating in these regions, have the option of buying carbon credits from projects which have been awarded these credits by the UN clean development mechanism (CDM).

The Himalayan Watershed Project will thus accrue millions of carbon credits which will benefit about 5,000 families from remote and backward villages in the state, receiving revenue for the next 20 years from the World Bank for providing green cover to 4,000 hectare barren land area falling in 10 districts.

'The project is estimated to generate carbon revenue of at least Rs.20 crore to the communities and individual land holders for the first crediting period of 20 years, which is a strong incentive to protect forest cover,' R.K. Kapoor, Chief Project Director of the programme, told IANS.

That turns out to be Rs.2,500 per hectare per annum.

This is the first experiment of its kind in getting participation of local people in the conservation and protection of environment. The villagers will be paid 90 percent of the revenue the state government gets by selling to the World Bank the carbon credits resulting from sequestration of greenhouse gas carbon dioxide through afforestation.

'The first payment is likely to be disbursed to the stakeholders in next two years,' he added.