Srinagar, Sep 25 (KNS): Jammu and Kashmir is exploring ways to monetise its ecological assets and generate revenue through carbon credits, with the government proposing a dedicated Green Fund, carbon markets and a digital monitoring platform to channel green revenues into climate-resilient development.

Chief Secretary Atal Dulloo on Friday chaired a meeting to review the proposed Carbon Credit Framework for the Union Territory, focusing on creating sustainable revenue streams through carbon markets and green financing.

The framework, presented by the Centre for Innovation and Transformation in Governance (CITaG) in collaboration with the Finance Department, envisages a comprehensive strategy built around four pillars — carbon markets, green cess, convergence and a dedicated Green Fund.

Appreciating the preliminary work undertaken by CITaG, Dulloo called for a comprehensive policy document backed by a well-defined Standard Operating Procedure (SOP) to ensure seamless implementation across Jammu and Kashmir.

He directed CITaG to organise a specialised capacity-building workshop for concerned departments to familiarise officers with carbon accounting, data standards and their respective responsibilities in implementing the framework.

Emphasising technology-driven monitoring and transparency, the Chief Secretary suggested exploring collaboration with the Bhaskaracharya National Institute for Space Applications and Geo-informatics (BISAG-N) for developing an integrated digital monitoring platform and carbon registry.

Additional Chief Secretary, Finance, Shailendra Kumar, highlighted the potential of agriculture, hydropower and forestry sectors in generating carbon credits and attracting green investments.

He asked CITaG to prioritise these sectors while incorporating emerging opportunities from rooftop solar installations under the PM Surya Ghar Yojana and the growing adoption of electric vehicles across the Union Territory.

Kumar also advocated the early establishment of a dedicated Green Fund to pool carbon proceeds and green revenues, ensure their proper utilisation and finance future climate-resilient development initiatives.

Earlier, CITaG's presentation highlighted the untapped potential of J&K's ecological assets, noting that the Union Territory had yet to generate revenue from global carbon markets despite substantial investments in environmentally sustainable activities.Click Here To Follow Our WhatsApp Channel

The meeting was informed that the Brihanmumbai Municipal Corporation (BMC) had earned Rs 27 crore, Gujarat Rs 22 crore, Indore Municipal Corporation Rs 8.34 crore and Himachal Pradesh Rs 20 crore through carbon credit monetisation and similar initiatives.

The proposed framework seeks to integrate carbon screening into existing development programmes, including CAMPA, MGNREGS and the Holistic Agriculture Development Programme (HADP), to maximise environmental and financial returns while avoiding duplication of expenditure.

A revenue-sharing mechanism was also discussed under which 35 per cent of net carbon proceeds would go directly to primary growers or community project owners, 30 per cent to the J&K Green Fund, 15 per cent to Farmer Producer Organisations (FPOs) and aggregators, and 10 per cent each to district-level climate initiatives and sector-specific sustainability accounts.

Another proposal involved introducing a Green Tourism Contribution to mobilise resources for climate resilience and environmental conservation at major tourist destinations.

The meeting also deliberated on a 180-day implementation roadmap, including preparation of a comprehensive inventory of green assets, identification and execution of five to seven priority pilot projects across Jammu and Srinagar Municipal Corporations and the agriculture and forestry sectors, besides establishing a secure digital repository for project-related data.

The proposed initiatives aim to establish an institutional and financial mechanism to translate J&K's environmental assets and climate-positive investments into measurable economic benefits for local communities and the Union Territory.

The meeting was attended by Additional Chief Secretary, Finance; Commissioner Secretary, Science and Technology; Managing Director, JKPDC; Commissioners of Jammu and Srinagar Municipal Corporations; Director General, Resources; Director General, Accounts and Treasuries; Director General, Budget; CEO, CITaG; and concerned officers and technical experts.(KNS)