Uttar Pradesh

• 09 Aug 2024

Uttar Pradesh to Launch Agriculture Business Project

Why in News?

The Uttar Pradesh government is preparing to launch a World Bank-funded agriculture business and entrepreneurship project worth Rs 4,000 crore aimed at boosting rural income.

Key Points

• This initiative will benefit farmers, farm groups, and agro micro, small, and medium enterprises (MSMEs) across 28 districts in eastern UP and the Bundelkhand region.
• The project is estimated to benefit a million farmers, including 30% of the rural women associated with agri Self Help Groups (SHGs).
  • As part of the project, financial assistance will be provided to 100,000 fisherfolk.
  • Additionally, 500 farmers will be sent on international tours for training in advanced farming techniques.
• The government also intends to invest in high-yielding seed varieties and farm infrastructure, develop a digital platform for the agricultural sector, and help farmers tap into the carbon credit market to boost their income.

Carbon Markets

• Carbon markets are essentially a tool for putting a price on carbon emissions— they establish trading systems where carbon credits or allowances can be bought and sold.
  • A carbon credit is a kind of tradable permit that, per United Nations standards, equals one tonne of carbon dioxide removed, reduced, or sequestered from the atmosphere.
  • Carbon allowances or caps, meanwhile, are determined by countries or governments according to their emission reduction targets.
  • Carbon trading started formally in 1997 under the United Nations' Kyoto Protocol.