Shimla, May 9 (UNI) The World Bank has approved the Bio Carbon Credit Project for Himachal Pradesh in principle, Forest Minister J P Nadda today said.
He directed the Forest and Environment Departments to ensure that the Project Design Document (PDD) and the Tripartite Agreement would be made ready within three weeks.
The Forest Minister said Bio Carbon Credit Project would be first of its kind in the country and would be signed with the World Bank by July 2008 positively.
He said that forest and environment departments should examine the benefit-sharing model of environmental conservation of Costa Rica by which the consumers of environmental benefits make financial payments to local communities who play a vital role in protecting the environment.
Mr Nadda directed the two departments to study whether this model could be replicated in the CAT Plans, Catchment Areas of drinking water supply schemes in the major towns of the state and in the hydel projects. ''Such a programme could benefit all the stakeholders namely the projects, local communities besides environment of the state,'' he said.
''Objectives of the departments should be the involvement of local communities in the conservation of environment,'' he said and added that ''Government would endeavour to develop more programmes for PES (Payment for Environmental Services)''.
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