The Supreme Court has asserted in a judgment that forests in India are a national asset and a major contributor to the nation’s financial wealth
The Forest (Conservation) Amendment Act (FCAA) 2023, is accused of giving a free hand to States to regularise encroachments in protected forests and determine diversions of forestlands.
The Act has been criticised for paving the way for the commercial exploitation of forests.
The court said concepts of carbon credit and green accounting to evaluate a nation’s wealth had become a reality.
A country with excess forest cover would be in a position to sell its excess carbon credit to the one in deficit.
This in turn underlines the significance of forests in contributing to the financial wealth of a country
India’s forests serve as a major sink of carbon dioxide (CO2).
The value of mitigation has put a conservative $5 per tonne of CO2 locked in forests, this huge sink of about 24,000 mt of CO2 is worth $120 billion, or ₹6 lakh crores.
As per 2022-2023 report of the Reserve Bank of India (RBI) on the macroeconomic impact of climate change and changing patterns of rainfall, India could lose anywhere around 3% to 10% of its GDP annually by the year 2100 due to climate change
The report clearly suggests the enormous potential impact of climate change on society, leading to serious job losses in every sector.
Therefore, the adverse effect will be on the future of the nation as a whole, as against an identifiable group
COMMENTS