SRINAGAR: Jammu and Kashmir is exploring a carbon credit framework to generate revenue from its environmental assets and attract green financing, with Chief Secretary Atal Dulloo on Friday directing officials to prepare a comprehensive policy and implementation mechanism for the initiative.
The framework was reviewed at a meeting chaired by the Chief Secretary and presented by the Centre for Innovation and Transformation in Governance (CITaG) in collaboration with the Finance Department.
According to officials, the proposed framework is built around four components—carbon markets, a green cess, convergence of existing schemes and the creation of a dedicated Green Fund.
Dulloo asked CITaG to prepare a detailed policy document along with a standard operating procedure (SOP) for implementation. He also directed the agency to organise capacity-building workshops for departments involved in carbon accounting, data management and project execution.
The Chief Secretary further suggested exploring collaboration with the Bhaskaracharya National Institute for Space Applications and Geo-informatics (BISAG-N) to develop an integrated digital monitoring platform and carbon registry.
Additional Chief Secretary, Finance, Shailendra Kumar, said sectors such as agriculture, hydropower and forestry hold significant potential for generating carbon credits and attracting green investments. He also called for inclusion of opportunities arising from rooftop solar projects under the PM Surya Ghar Yojana and the increasing adoption of electric vehicles in the Union Territory.
Kumar advocated the early establishment of a Green Fund to pool carbon credit revenues and other green proceeds for financing climate-resilient development projects.
During the meeting, officials said Jammu and Kashmir has substantial ecological assets but has not yet generated revenue from global carbon markets. The presentation cited examples of carbon credit monetisation by municipal bodies and states, including the Brihanmumbai Municipal Corporation, Gujarat, Indore Municipal Corporation and Himachal Pradesh.
The proposed framework envisages integrating carbon screening into programmes such as the Compensatory Afforestation Fund Management and Planning Authority (CAMPA), Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) and the Holistic Agriculture Development Programme (HADP).
Officials also discussed a proposed revenue-sharing model under which 35 per cent of net carbon proceeds would go to primary growers or community project owners, 30 per cent to the J&K Green Fund, 15 per cent to Farmer Producer Organisations and aggregators, and 10 per cent each to district-level climate initiatives and sector-specific sustainability accounts.
The meeting further considered introducing a Green Tourism Contribution to support climate resilience and environmental conservation efforts at major tourist destinations.
Officials said the proposed roadmap envisages implementation over 180 days, including preparation of an inventory of green assets, identification of five to seven pilot projects in municipal, agriculture and forestry sectors, and creation of a digital repository for project-related data.
The initiative aims to create a mechanism for monetising environmental assets and climate-positive investments while generating economic benefits for local communities and the Union Territory, officials said.