Mumbai| 12th May 2022: A joint venture of CREDUCE and HPCL has signed MoU with the north-eastern state of Arunachal Pradesh’s Bamboo Resource & Development Agency (APBRDA) 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.
The agreement encompasses the plantation of 100,000 hectares of forest and village land with bamboo, also called ‘green gold’. The landmark agreement signed under the visionary leadership of the Arunachal Pradesh Chief Minister Prema Khandu is set to propel the state into the green growth phase, leading the country and the world towards carbon neutrality.
Shailendra Singh Rao, MD, CTPL, 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 Bharat. We will make the most of this effort.”
“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 Bharat’s green revolution. We are proud to be partners with such professional government agencies,” added Kartik Upadhyay, MD, HCPL.
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 kilograms of carbon per hectare per year, making them effective green gold ventures.
Chairman of APBRDA, 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 Bharat 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.”
The yields from this 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.