1. Innovative Financial Instruments and mechanisms for financing forest restoration and mitigating climate change: select cases from India.
- Author
-
Surayya, Teki
- Subjects
CLIMATE change ,FOREST restoration ,FOREST management ,AUTOMOBILES & the environment ,CLIMATE change mitigation ,TECHNOLOGICAL innovations ,PETROLEUM products ,FINANCE ,LAW - Abstract
Climate Change (CC) is universal concern. One of the causes for CC is degradation of forest. World over every minute 22 hectares forest is degraded. Reckonings suggests that US$ 11880, funds must be invested every minute to restore the forest. In India Atmospheric pollution has severed in 90's because of increased automobiles and electronic goods. Green car congress reported level of NO2 concentration in Delhi ranged 70-102 microgram per cm, in 2005. It is argued that the consumers are capable of meeting part of cost of CC mitigation. Recent survey (Teki, 2008) in National Capital Region revealed that 40% of sample preferred to compensate through tax on petroleum products, 22 % in investing in forestry bonds, 57% favoured compulsory investment in bonds. Awareness rate about climate change was 92%, and 88% favoured both technology transitions and economic sanctions for mitigating CC. Evolving innovative financing instruments and mechanisms to finance forest restoration and mitigating CC is important. Timber was considered important contribution of forests, as 2% GDP comes to exchequer. NTFPs now considered equally important for forest restoration as 25-55% of forest living people survival comes from NTFPs. Forests have innovative financial instruments like Eco-tourism, to finance forest restoration. Self reliance apart from the government funding and the private funding. Mobilisation of savings, bank finance, creating/strengthening global carbon fund effectively and financing the substitute sectors are important for restoration of ecological integration and productivity and economic value of deforested or degraded land. Objectives of paper are: a) to assess level and impact of forest degradation and forest restoration in India, b) to translate carbon pollution level into mitigating CC, b) awareness level of CC in NCR c) measure willingness of consumers to compensate for CC, and d) evolve innovative financial instruments and mechanisms to finance sustainable forest restoration in India. [ABSTRACT FROM AUTHOR]
- Published
- 2012