Taking a step towards combating climate change and promoting sustainable practices, Base Carbon Inc. (NEO: BCBN) (OTCQX: BCBNF), a trailblazing financier of emission reduction and climate action initiatives, has announced a partnership with Value Network Ventures Advisory Services Pte Ltd. (VNV). This collaboration aims to facilitate the development of a nature-based carbon removal project centered around reforestation efforts in the northern Indian state of Uttar Pradesh. The project showcases a compelling commitment to both environmental preservation and community engagement.
At the heart of this innovative project lies the planting of approximately 6.5 million trees across degraded rural farmlands and arid deserted lands in Uttar Pradesh, India. This joint endeavor between Base Carbon and VNV seeks to breathe new life into these landscapes while mitigating carbon emissions. The significance of this initiative extends beyond mere carbon sequestration, as the project is expected to generate over 1.6 million high-quality nature-based removal carbon credits. These credits will be issued in equitable portions over a span of approximately 20 years, with the first batch anticipated to be available in early 2025.
The project is already in motion, with around 2.5 million trees having been planted thus far. The remaining 4 million trees are slated to be planted by the conclusion of 2023, exemplifying the commitment and efficiency of Base Carbon and VNV in bringing this initiative to life. The venture’s capital requirements are forecasted at an initial US$7.3 million, which will be allocated to the reforestation efforts and associated agroforestry infrastructure. Additionally, an earmarked $6.3 million is reserved for future maintenance capital, which will be primarily funded by Base Carbon, ensuring the project’s sustained impact.
One of the remarkable aspects of this nature-based carbon removal project is its strong emphasis on community engagement and local involvement. The project design incorporates input from stakeholders, ensuring alignment with the needs and aspirations of local farming communities. By integrating the cultivation of various tree species, including native and naturalized varieties, the project bolsters food security, climate adaptation, and drought resilience within these communities. Moreover, the initiative contributes to income diversification by planting income-generating species of fruit and nut trees. This not only creates revenue streams for local farm owners but also fosters a sense of ownership and sustainability.
Value Network Ventures Advisory Services Pte Ltd. (VNV) is a cornerstone partner in this endeavor, leveraging its extensive experience in conceptualizing, developing, and executing community-driven initiatives focused on climate action. Founded in 2007, VNV’s impact spans across South Asia, Southeast Asia, and Africa, touching the lives of over 7 million rural households and managing more than 3 million hectares of land use and forestry. VNV’s approach aligns seamlessly with Base Carbon’s mission to drive environmental sustainability through collective action and meaningful partnerships.
This collaboration between Base Carbon and VNV serves as a testament to the evolving landscape of carbon markets. The project not only contributes to emissions reduction and carbon removal but also demonstrates a robust commitment to social, economic, and environmental well-being. By engaging local communities and employing sustainable practices, this initiative exemplifies a holistic approach to addressing climate change.