India is now a major carbon sink

India is rapidly transforming itself into a major carbon sink igniting hopes of big funds for maintaining

natural green cover, a new report has said.The report titled "India's Forest and Tree Cover" prepared by the Union Ministry of Environment and Forests said that from 1995 to 2005, the carbon stocks stored in the country's forests and trees have increased from 6,245 million tonnes to 6,662 million tonnes registering an annual increment of 38 million tonnes of carbon or 138 million ton of Carbon dioxide.

The report, which was released by Union Minister of state for Forests and Environment Jairam Ramesh recently here, also said that India can get Rs 6,000 crore every year for its carbon sink assuming the value of $7 per ton of Carbon dioxide.

Noting that the forest cover accounts for 2.8% of India's total geographical area, the report said, the forest and tree cover is enough to neutralise 11.23% of the country's total green house emissions at 1994 level.

This is equivalent to offsetting 100% emissions from all energy in residential and transport sectors or 40 per cent of the total emissions from agriculture sector.

Link TOI