ITC’s Unique Social Forestry Project Bags Carbon Credits for Poor Tribals

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KOLKATA, India, June 10 /PRNewswire/ — The CDM Executive Board of the United Nations Framework Convention on Climate Change has confirmed the registration of ITC’s unique and large-scale social forestry project - a first of its kind in India.

The project also makes a very significant contribution bycreating a carbon sink of 3070.19 hectares, which not only helps in sequestration of greenhouse gases such as CO2, but also creates multiple benefits including a large green cover, groundwater recharge, conservingin-situ moisture and increase in soil fertility.

The project will also help improve soil and water erosion control measures in the river Godavari catchment area. This Forestry project, implemented by ITC, assumes special significance as it is the world’s first large scale Afforestation/Reforestation project with retrospective credit of 57792 CERs.

The project titled “Reforestation of severely degradedlandmass in Khammam district of Andhra Pradesh”, is being implemented throughNon Governmental Organizations (NGOs) in close partnership with localcommunities. ITC provides farmers with financial and technical assistance toimplement this Reforestation project. The primary objective of this effort isto create a long term secure source of sustained income for the rural poor inthe area and to enable sequestration of CO2 through reforestation activities.

This is ITC’s 8th registered CDM project, and contributes to itsachievement of being the only company in the world to attain the major globalenvironmental milestones of being carbon positive, water positive and solidwaste recycling positive.

Contacts Mr Nazeeb Arif, Vice President, Corporate Communications, ITC Ltd, ITC Centre, 8th floor, 37, J L Nehru Road, Kolkata - 700 071, Phone : +91-33-22880329.