Net Sink Credit
What is Net Sink Credit?
Net sink credit is the carbon credit along with additionalities owned by the individuals, households, communities, governments and institutions after reducing their carbon footprint along with inclusive wealth approach. The product “Net Sink Credit” can be exchanged in the carbon market as an alternative of carbon credit for the mitigation of climate change to achieve Sustainable Development Goals, net zero target, climate equity among nations, individuals and society, carbon neutral households, communities and institutions. It accounts the unaccounted greenery maintained by the large agrarian community thus it is a bottom to top level approach with inclusive wealth parameters. The most significant highlight of the Net Sink Credit trade is that it will bring an additional income to the agrarian community. Net sink credit offers individual responsibility in mitigating climate change.
Advantages of Net Sink Credit
Common but Differentiated Responsibilities (CBDR) is a central theme in United Nations Conference on Climate Change (UNFCCC) and its negotiations.
Net Sink Credit initiates the practical implementation of climate equity based on CBDR at the individual, local, national and international spectrum of climate change mitigation and adaptation with burden sharing objectives.
Agricultural sector became a major source of GHG emissions so diversified efforts are needed to reduce the emissions from this sector.
Net Sink Credit offers an additional income for farmers by involving them in the carbon market which will lead voluntary transition to sustainable farming. It is a bottom to top approach in climate change mitigation by directly involving farmers into the carbon market as farmers are the real protectors of food security.
Overemphasis on forest conservation for the mitigation of climate change often denies human rights and neglects the inclusive wealth approach in development and environment conservation.
So Net Sink Credit focuses on an inclusive wealth approach for environment conservation thereby mitigation and adaptation of climate change.
Agrarian sector is the major contributor to the Gross Domestic Product (GDP) of the developing countries like India. Any additional income to this sector will naturally contribute to the revival of local economy thereby national economy.
Net Sink Credit strives with this target by connecting agrarian sector to the carbon market. As sustainable farming increases the Net Sink Credit of the farmers, the preference of the farmers for sustainable farming will increase. The farmers also get an opportunity to sell their products as Net Zero Products.
India and Net Zero
In the COP26 climate summit at Glasgow, India declared a bold pledge that the world’s third-biggest emitter will reach net-zero by 2070. The net-zero commitment by the Indian Government is part of a strategy of Panchamrit or “five elixirs” where five of these elixirs are short-term goals that would pave the way for achieving a net-zero emissions target by 2070.
However, strenuous and spirited actions within time frame are pivotal in achieving the target, as the economy still relies on agrarian sector. Here, net sink credit opens a plethora of applications by which the agrarian people are remunerated for making their courtyard green and organic. The net sink credit will offer an additional income for the farming community.
Net Sink Credit
is the world’s first
bottom to top approach
in carbon market
How it works?
Identification of units
Estimation of carbon emissions and sinks
Categorization of units
Net sink credit standard
Net Zero Target
In order to stabilize climate change, CO2 emissions need to fall to zero. In the Paris Agreement, Parties agreed to keep global warming ‘well below’ 2 degrees Celsius, and to ‘make efforts’ to keep it below 1.5ºC. Net zero is defined as the target of completely negating the amount of greenhouse gases produced by human activities, where carbon emissions and carbon sequestration is zero. Carbon neutrality is a state of net-zero carbon dioxide emissions. A number of countries have already declared targets, for reaching net zero emissions in tune with the historic Paris Agreement temperature goals.
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