Tripura has taken its first major step towards exploring carbon markets and climate finance by hosting a stakeholders’ meeting on carbon sequestration and green financing, bringing together representatives from 25 government departments, academic institutions, NABARD and civil society organizations.
The meeting, held on Tuesday, focused on identifying opportunities for the state and developing strategies to tap climate finance and emerging carbon-credit markets.
The event was organized by the Department of Good Governance in collaboration with ARPAN Society, the Directorate of Biotechnology, the IGDC Tripura project and the Japan International Cooperation Agency (JICA). Experts from the Climate Action Network of South Asia (CANSA) led discussions on carbon sequestration, climate finance and carbon trading.
Focus on carbon markets and adaptation funds
Kiran Gitte, Secretary to the Chief Minister, highlighted Tripura’s potential to access adaptation funds and benefit from its carbon-sequestration capabilities.
He also pointed to preparations underway for India’s Carbon Credit Trading Scheme (CCTS), which is expected to be launched soon, and said NITI Aayog has extended support to Tripura for the initiative.
Gitte said the state government is committed to moving towards a greener economy while strengthening measures to address the effects of climate change.
P S Banerjee, Officer on Special Duty to the Chief Minister, highlighted the growing climate risks facing Tripura. He referred to changes in seasonal cycles, increasingly erratic rainfall and rising temperatures observed in recent years.
Banerjee stressed the need for stronger climate action while also exploring ways to monetise the state’s significant carbon-sequestration potential.
Climate finance seen as opportunity for communities
Experts Dr Jayanta Basu and Dr Sanjoy Baishst discussed Tripura’s vulnerability to climate change and possible adaptation strategies.
They outlined ways to access climate funds for community development, improving livelihoods, creating green jobs and promoting sustainable land management. The experts also explained the functioning of carbon markets and the process involved in carbon trading.
India is emerging as a significant source of carbon credits globally and aims to have its Integrated Carbon Market recognised internationally by 2030, Dr Basu said.
He noted that Tripura could play an important role in the emerging market because of its extensive carbon-sequestration potential and the absence of large polluting industries.
The state could benefit from the generation of Carbon Credit Certificates linked to its environmental assets and sustainable practices, he added.
Financial institutions discuss funding options
Aejay Bandhyapadhya, Team Leader for Asia-Pacific Climate Change at the International Finance Corporation, and Tanusri Bhattacharjee, General Manager of NABARD Tripura, discussed financing mechanisms available for green projects.
They also outlined potential avenues through which Tripura could access domestic and international climate funds to support environmentally sustainable development.
The meeting brought government agencies, financial institutions, researchers and civil society representatives onto a common platform, with the state seeking to turn its natural carbon-sequestration advantage into a source of climate finance while accelerating its transition towards a green economy.
