New Delhi [India], March 24 (ANI): Carbon stock in India has increased by 79.4 million tonnes as compared to the last assessment of 2019. The annual increase is 39.7 million tonnes, which is 145.6 million tonnes of carbon dioxide equivalent, said Union Minister of State for Environment, Forest and Climate Change Ashwini Kumar Choubey on Thursday.

In a written reply in the Rajya Sabha, the Minister said, the quantum of carbon sequestration by a tree depends on various ecological and physical factors including tree species. As per India State of the Forest Report (ISFR) 2021, the total carbon stock in the forest is estimated as 7,204 million tonnes which includes 529.47 million tonnes of carbon stock in plantation/Trees Outside the Forest.

There is an increase of 79.4 million tonnes in the carbon stock of the country as compared to the last assessment of 2019. The annual increase is 39.7 million tonnes, which is 145.6 million tonnes CO2 equivalent.

India is a party to the United Nations Framework Convention on Climate Change (UNFCCC). A Nationally Designated Authority for Implementation of Article 6 of the Paris Agreement (NDAIAPA) has been notified which has a mandate for approval of projects under Article 6 of the Paris Agreement for carbon trading.

Also, an Indian Carbon Market (ICM) is envisaged which will inter-alia have an offset mechanism. Under the offset mechanism, carbon credits may be generated and sold by entities including farmers and Gram Panchayats, said the Union Ministry of Environment, Forest and Climate Change. (ANI)