Base Carbon has entered into an agreement with Value Network Ventures Advisory Services Pte Ltd. (“VNV”) to facilitate the development of a nature-based carbon removal project, focused on the reforestation of degraded rural farmlands in the northern Indian state of Uttar Pradesh.
- Base Carbon, in partnership with VNV, to facilitate the planting of approximately 6.5 million native and naturalized trees on degraded rural farmlands and fertile but arid deserted lands in northern India.
- Project implementation is already underway: approximately 65% of the 6.5 million trees have been planted to date with the remaining trees expected to be planted by January 2024.
- The project is expected to generate an estimated 1.6 million high-quality nature-based removal carbon credits issued in relatively equal tranches over an expected 20-year project life. First issuance is expected in early 2025.
- Initial project capital expenditure of US$7.3 million is anticipated to be drawn through Q1 2024 to capitalize the reforestation and associated agroforestry infrastructure. An additional US$6.3 million is to be deployed over a subsequent 10-year period, primarily for project maintenance and monitoring. US$4.4 million has been deployed as of November 2023.
- Designed with a prominent level of stakeholder engagement, this community-centric project has a significant positive impact on local rural farming communities’ food security, climate adaptation measures, and drought resilience, among several other co-benefits.
About This Project
- Founded in 2007, VNV’s community-led programs on climate action have covered over 7 million rural households and encompass over 3 million hectares of forestry, agriculture & conservation efforts in 16+ countries.
- In collaboration with local organizations, project partner VNV anticipates the planting of approximately 16 different species, selected through an inclusive community-led iterative process. The planting will include a variety of native and naturalized tree species, such as Citrus and Guava, as well as medicinal and culturally significant trees, such as Mahua trees.
- The trees are expected to be planted primarily on smallholder lands of five hectares or less. The native and naturalized species of trees planted will sequester carbon from the atmosphere as they grow. In addition, as part of the project’s equitable benefit sharing mechanism, certain species of fruit and nut trees will be planted, providing income diversification and incremental revenue generating activities for those individuals and communities. The income-generating species planted will remain the property of the farm-owners in an evergreen manner.
- This project has been designed around the needs of local farming communities, with a high-level of stakeholder engagement, ownership, input, and feedback. Agroforestry projects are an essential strategy for smallholder farmers in India, to improve their long-term income generation and diversification, as well as building climate change resilience.
6.5 million trees
Anticipated Early 2025
About Our Project Partner
Founded in 2007, VNV has been at the forefront of the movement against climate change by conceptualizing, developing, and executing community-driven initiatives in the South Asian, Southeast Asian & African landscapes. These community-led programs have impacted over 7 million rural households and cover over 3 million hectares under land use and forestry, among other mitigation and adaptation nature-based solutions which aim to restore ownership, dignity, improve livelihoods and foster resilience of first responding communities in least developed and developing nations of the Global South.
VNV, also known as Value Network Ventures, believes in the power of convergence of multiple stakeholders including, but not limited to, the private sector, public sector, research institutions and collaboratives to create collective and thus significant impact. In this endeavor VNV engages businesses in achieving net neutrality targets while addressing issues of social responsibility and environmental sustainability along their supply chain through the implementation of such climate action projects in line with the Paris Agreement, Sustainable Development Goals as well as the Global Biodiversity Framework.