Sri Ram Nilayam; H.No.2-35-15/2;
Nellimarlavari Street; Perraju Pet;
KAKINADA-533003, Andhra Pradesh 533003
India
ph: +91 9868866419
fax: +91-884-2372430
alt: +91-9968151909
vccslind
CDM Project “Improving Rural Livelihoods through Carbon Sequestration by adopting environment friendly technology based agro-forestry practices":
It is a UNFCCC registered CDM project and for the first time in India, additional revenue from the sale of carbon credits generated over an area of 1605 ha of degraded land ewas successfully delivered to 1590 farmers in the backwaard districts of Odisha and Andhra Pradesh in India.
In 2003, VEDA MACS Ltd conceptualized and developed a project on “Improving Rural Livelihoods through Carbon Sequestration by adopting environment friendly technology based agro-forestry practices”. It is one of the 22 pioneering projects selected by the BioCF for purchase of CERs from around the world. It demonstrates best agro forestry practices with carbon credits for replication both within and outside India and would provide economic, social and environmental benefits both locally and globally on a sustained basis.
https://cdm.unfccc.int/Projects/DB/TUEV-SUED1298895593.56/view
https://wbcarbonfinance.org/Router.cfm?Page=BioCF&FID=9708&ItemID=9708&ft=Projects&ProjID=9636
Realising the importance of addressing issues related to climate change, as a part of its activities, VEDA MACS Ltd has conceptualized a project to ensure both local and global benefits through Clean Development Mechanism (CDM) of UNFCCC and submitted a Project Idea Note (PIN) “Improving Rural Livelihoods Through Carbon Sequestration by adopting environment friendly technology based agro-forestry practices” in 2003 to the BioCarbon Fund established by the World Bank.
The project proposes to mobilize and encourage small and marginal farmers to raise plantations of tree species with high rates of carbon sequestration in their farmlands. It will focus on women but not be limited to women. It proposes to link, facilitate and coordinate with international organizations, carbon financing companies, financial institutions, Government and non governmental organizations, plantation material suppliers, agronomists, micro-irrigation experts, end users of the wood products (paper and construction industry etc.) to optimize the overall returns to the small and marginal farmers besides supervising and monitoring to ensure the compliance of commitments made to the principal institutions like Banks, Carbon Fund implementers and participant institutions. The project is expected to sequester 260,550 t CO2e by 2012 and in the range of 276,000-646,200 t CO2e.
Activities under the BioCF Project:
After detailed review of the PIN, the BioCarbon Fund found the PIN of high quality and well substantiated and asked VEDA MACS to submit a Carbon Finance Document (CFD). In response to that, VEDA MACS Ltd has submitted the CFD to the BioCarbon Fund in July, 2005 which was placed before the Fund Management Committee (FMC) of the BioCF in August, 2005. FMC cleared the CFD and subsequently it was placed before the Participants Committee of the BioCarbon Fund on 8-9-05 which has finally approved the project for further development. The project has also received “No Objection” from the Designated National Authority (DNA), Ministry of Environment and Forests, Government of India for further development of the project.
As part of the World Bank due diligence, a team from the World Bank, Washington, DC from the Carbon Finance Business Division of the World Bank along with officials from the World Bank, New Delhi visited the project sites from 27-10-05 to 31-10-05. LoI was signed and subsequently the Emission Reduction Purchase Agreement (ERPA) was also signed on 9th May, 2007 with the World Bank. The Environmental safeguards review has been conducted in March, 2006. The project was presented to DNA in the Ministry of Environment and Forests, Government of India for Host Country Approval on 8th Feb, 2006 and the Host Country Approval has already been accorded. Validation of the project by the World Bank assigned Designated Operational Entity (DOE) is scheduled in April, 2009.
It is one of the 22 projects selected by the BioCF for purchase of tCERs from around the world and the only one from South and West Asia . The project will serve as a pilot project and will have great replication potential. It will demonstrate best agro forestry practices with carbon credits for replication both within and outside India and would provide both local and global benefits.
A brief of the project can also be seen on the website of BioCF at:
http://wbcarbonfinance.org/Router.cfm?Page=BioCF&FID=9708&ItemID=9708&ft=Projects&ProjID=9636
VEDA Mutually Aided Cooperative Society Ltd has incorporated a company called VEDA Climate Change Solutions Ltd., to focus exclusively on Clean Development Mechanism (CDM) as suggested by the World Bank’s Bio Carbon Fund to address issues related to carbon trading. Veda Climate Change Solutions Limited is in touch with several project developers and Government departments/institutions to provide support to hand holding up to receipt of CER's based on the reputation and capacity built in CDM field.
Chronology of events:
Mile stones reached | Chronology |
PIN (Project Idea Note) | December, 2003 |
PDD (Project Development Document) | August, 2005 |
No objection from DNA (Designated National Authority) | July 25, 2005 |
World Bank Team Inspection | 27 Oct,05 to 31,Oct,'05 |
Environment Management Framework (EMF) Formulation | August, 2006 |
Disclosure workshop on EMF | Sep 10, 2006 |
Host Country Approval by DNA | November 03, 2006 |
ERPA negotiations followed by World Bank team site visit | Dec,18-19, 2006 |
ERPA signature | May 8, 2007 |
Farmers’ awareness workshops | June, 06 to till date |
Completion of Plantation Activity | August, 2008 |
Project Validation by TuV Sud, Germany | April, 2009 |
Revised LOA issued by India DNA, replacing VEDA MACS with VCCSL and JKPL | July, 2009 |
Registration of the project with CDM Board, UNFCCC | 6 June, 2011 |
Verification of the Project by JACO, Japan | December, 2011 |
Issuance of 79811 tCERs by the CDM Board | 17 October, 2012 |
Carbon revenue was delivered to the 1600 participating farmers for the first time in India | 27 December, 2012 |
Second Verification commissioned October, 2018
Copyright 2014 VEDA Climate Change Solutions Ltd. All rights reserved.
Sri Ram Nilayam; H.No.2-35-15/2;
Nellimarlavari Street; Perraju Pet;
KAKINADA-533003, Andhra Pradesh 533003
India
ph: +91 9868866419
fax: +91-884-2372430
alt: +91-9968151909
vccslind