Ulaanbaatar: Bhupender Yadav, Minister for Environment, Forest and Climate Change, met with Abdul Awal Mintoo, Minister of Environment, Forest and Climate Change of Bangladesh, on the sidelines of the ongoing 17th session of the Conference of the Parties (COP17) to the United Nations Convention to Combat Desertification in Mongolia.
“Met with Mr. Abdul Awal Mintoo, Minister of Environment, Forest and Climate Change of Bangladesh, on the sidelines of the ongoing UNCCD COP17 in Ulaanbaatar, Mongolia, today. Our discussions focused on mangrove conservation, land erosion, and transboundary monitoring of Bengal tigers in the Sundarbans,” Yadav stated on X.
They also discussed the existing Memoranda of Understanding (MoUs) between India and Bangladesh, particularly those related to greening initiatives, and explored ways for their effective implementation going forward.
Earlier in the day, Yadav stressed the need for diversified, adequate, predictable and sustained international finance for land restoration and drought resilience at the COP17.
“Land restoration is not a cost, but an investment in food, water, biodiversity, livelihoods and long-term resilience,” Yadav said, emphasising the need for sustained investment in land restoration.
He stressed that addressing desertification, land degradation and drought at scale requires diversified, predictable and sustained sources of finance beyond public budgets, along with stronger public-private partnerships.
“The Minister highlighted India’s blended green-finance framework, which enables financing for climate-change adaptation, sustainable land use, forestry and agriculture, afforestation and biodiversity conservation. He also highlighted Sovereign Green Bonds as an avenue to mobilise capital for land restoration, drought resilience, sustainable forestry and other environmental and climate priorities,” stated the Ministry.
Yadav highlighted India’s Green Credit Programme, which enables public and private entities to finance restoration of degraded forest land. Credits are issued after five years of restoration and upon achieving at least 40 per cent canopy density, and may be used once for compensatory afforestation, statutory plantation or CSR obligations.
He also highlighted India’s compensatory conservation regime, which channels payments received for forest diversion towards compensatory afforestation and ecosystem restoration, while corporate funding is integrated into the environmental regulatory processes.
(IANS)
