Arunachal Govt signs pact with Creduce, HCPL for developing bamboo resources in state

Itanagar: The government of Arunachal Pradesh signed a memorandum of understanding (MoU) on Wednesday with Creduce and Hydel Consultants Private Limited (HCPL) for the cultivation and development of bamboo resources in the state.

According to an official, this is the world's largest public-private partnership bamboo cultivation drive.

The agreement calls for the planting of bamboo, also known as 'green gold,' on 100,000 hectares of forest and village land.

"We will be able to cultivate 100 million carbon credits in ten years as a result of this agreement, which will be worth $1.5 billion in that time. These carbon credits were just waiting to be captured and shared for the benefit of the general public. We are extremely grateful for the opportunity to assist the state and country. We'll maximise our efforts "Shailendra Singh Rao, the Creduce's Managing Directors stated.

The joint venture's profits would last for more than 30 years, with three 10-year phases. Because all of the northeastern states are fertile for bamboo cultivation, this is the first of many more to come.

Bamboo cultivation and plantation are effective carbon sinks and an important part of a nature-based approach to reducing global warming.

According to studies, a one-hectare bamboo plantation and its products can sequester 10,000 kilograms of carbon per hectare per year, making them green gold investments.

Creduce is India's leading provider of climate change and carbon asset management services. It was established in the year 2012.