India’s Narendra Modi government wants to invest US$6.2 billion in increasing the forest cover of the country up to 33%, from the present 21.34%. As the Union Environment Minister Prakash Javadekar stated, the Compensatory Afforestation Fund (CAF) bill was passed this week in the Lok Sabha.
"I am sure that this fund will give a tremendous push in our afforestation movement. Our forest cover will dramatically increase and it will result in achieving our target 33 per cent of tree cover and most importantly 2.5 billion tonne of carbon sink as we have indicated in our INDCs," Javadekar added.
The bill was passed by lawmakers in India’s lower house and the money come from different fees paid by private companies and entities to the Indian government as to be allowed to set up projects on the forest land.
This money has been lying unspent for nearly 4 years now. The use of the accumulated unspent amounts will be made with the help of the ad hoc Compensatory Afforestation Fund Management and Planning Authority (CAMPA), presently reaching $6.2 billion.
As Javadekar also said, the funds meant for afforestation have been deposited in banks for the last 12 years. With the help of the CAF, the afforestation will be given a better evaluation and monitoring by using technology, as reported by Business Standard.
