In a significant stride towards sustainable agriculture and environmental conservation, the Ministry of Agriculture & Farmer’s Welfare (MoA&FW), Government of India, and the National Bank For Agriculture & Rural Development (NABARD) recently inked a Memorandum of Understanding (MoU). This landmark agreement was formalized during the unveiling ceremony of the ‘Accreditation Protocols for Agroforestry Nurseries’ and the ‘Framework for Voluntary Carbon Markets (VCM) in Agriculture Sector’ at Krishi Bhawan, New Delhi, on the 29th of January 2024.
The MoU signals a joint commitment to fostering agroforestry practices and implementing a framework for voluntary carbon markets within the agricultural sector. The collaborative effort between the MoA&FW and NABARD aims to revolutionize the landscape of Indian agriculture, integrating sustainability and economic viability.
At the heart of this initiative lies the Accreditation Protocols for Agroforestry Nurseries. This protocol is designed to ensure that nurseries engaged in agroforestry adhere to the highest standards of quality and sustainability. By implementing stringent accreditation measures, the government seeks to promote the cultivation of diverse and resilient agroforestry species, thereby enhancing soil fertility, water conservation, and biodiversity.
Simultaneously, the Framework for Voluntary Carbon Markets in Agriculture Sector introduces a pioneering approach to incentivize farmers for adopting climate-smart agricultural practices. This framework acknowledges the critical role of agriculture in mitigating climate change and envisions a voluntary carbon market where farmers can receive compensation for implementing practices that sequester carbon and reduce greenhouse gas emissions.
During the launch event, representatives from both the MoA&FW and NABARD outlined the strategic framework that will guide the implementation of these initiatives. The National Bank For Agriculture & Rural Development, a key player in rural development financing, has committed its support to the Ministry of Agriculture & Farmer’s Welfare in spearheading the Agroforestry and Voluntary Carbon Markets initiative.
NABARD’s involvement in the Agroforestry and VCM initiative goes beyond mere financial support; it encompasses technical assistance, capacity building, and knowledge sharing. The bank is set to play a pivotal role in ensuring the successful execution and scaling up of these sustainable agriculture practices.
The collaboration between MoA&FW and NABARD comes at a crucial juncture when the global community is increasingly recognizing the need for sustainable and climate-resilient agricultural practices. By forging this partnership, India not only sets an example for responsible environmental stewardship but also positions itself as a leader in the global effort to combat climate change through innovative agricultural solutions.
As the nation looks towards a greener and more sustainable future, the MoU between MoA&FW and NABARD serves as a beacon of hope and a testament to the transformative power of strategic collaborations in addressing the pressing challenges of our time. The Accreditation Protocols for Agroforestry Nurseries and the Framework for Voluntary Carbon Markets in Agriculture Sector are poised to usher in a new era of agricultural practices that not only benefit farmers economically but also contribute to the long-term ecological resilience of the Indian subcontinent.