PESHAWAR: The Khyber Pakhtunkhwa (KP) Forest Department plans to launch a carbon credit project under a public-private partnership to conserve forests and generating revenue through carbon dioxide sequestration.
The project is estimated to sequester tons of carbon dioxide annually, potentially generating $140 million for the province each year.
The project, which was initiated in 2014 by the Pakistan Forest Institute and the forest department, is expected to generate significant revenue for the province and will also helping to combat climate change.
There are numerous industries in KP, including steel, pharmaceuticals, paper, and pipe manufacturing, emit a significant amount of carbon dioxide daily, but they currently lack any checks and balances.Â
The project will first assess the carbon stock in the province’s forests. This is done by measuring the amount of carbon dioxide that is stored in trees, soil, and other vegetation. Once the assessment is done, carbon credits are then issued to the province. These credits can then be sold to companies that are looking to offset their emissions.
Companies that purchase carbon credits are essentially paying the province to preserve its forests and protect its carbon stock. This helps to reduce the amount of carbon dioxide that is emitted into atmosphere, which helps to combat climate change.
The Carbon Stock Assessment and Marketing of Carbon Credits of Forests project has the potential to generate revenue for the government. The project is also expected to create jobs and boost the local economy. In addition, the project will help to protect province’s forests and its carbon stock.
The Carbon Stock Assessment and Marketing of Carbon Credits of Forests project is still in its early stages. However, the project has the potential to be a major source of revenue for the government.
