Arunachal inks pact for world’s largest bamboo cultivation drive

New Delhi: The Arunachal Pradesh government on Wednesday signed a memorandum of understanding (MoU) with Creduce and Hydel Consultants Private Limited (HCPL) for the cultivation and development of bamboo resources in the state.

This is the world's largest bamboo cultivation drive by a public-private partnership, an official claimed.

The agreement encompasses the plantation of 100,000 hectares of forest and village land with bamboo, also called 'green gold'.

Arunachal Pradesh Bamboo Resource and Development Agency (APBRDA) signed the MoU on behalf of the state government at a function held here. The MoU is set to propel the state into the green growth phase, leading the country and the world towards carbon neutrality, the official said.

"Through this agreement, we will be able to cultivate 100 million carbon credits in 10 years, which will be valued at $1.5 billion over the same period. These carbon credits were waiting to be captured and shared for the public resources. We are truly honored to be tasked with the opportunity to help the state and the country. We will make the most of this effort," Creduce Managing Director Shailendra Singh Rao said.

The yields from the joint venture would last for over 30 years, divided into three phases of 10 years each. The effort is the first among many more to come as all the northeastern states have fertility for bamboo cultivation.

"We are extremely bullish with the green opportunity presented by the north-eastern states like Arunachal Pradesh. They have the requisite land and a strong political will to bring change among the locals and emerge as the flag bearer of India's green revolution. We are proud to be partners with such professional government agencies," revealed HCPL Managing Director Kartik Upadhyay.

Bamboo plantation and cultivation is an effective carbon sink and an integral nature-based approach to mitigating global warming.

Studies have revealed that a one-hectare plantation of bamboo and its products could sequestrate 10,000 kilogramme of carbon per hectare per year, making them effective green gold ventures.

Speaking on the occasion, APBRDA Chairman Tungri Effa, said, "We are proud to be the torchbearer of this exciting new project. It is in line with the vision of Prime Minister Narendra Modi, who has resolved to make India clean and green by 2030. The development and plantation of 'Green Gold' would benefit the state as it will generate large scale employment and keep the people connected to their roots."

Established in 2012, Creduce is India's leading services provider in the field of climate change and carbon asset management.

(With agency inputs)

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)