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Forest in Financial wealth UPSC NOTE

 

  • The Supreme Court has asserted in a judgment that forests in India are a national asset and a major contributor to the nation’s financial wealth

  • The Forest (Conservation) Amendment Act (FCAA) 2023, is accused of giving a free hand to States to regularise encroachments in protected forests and determine diversions of forestlands. 

  • The Act has been criticised for paving the way for the commercial exploitation of forests.

  • The court said concepts of carbon credit and green accounting to evaluate a nation’s wealth had become a reality. 

  • A country with excess forest cover would be in a position to sell its excess carbon credit to the one in deficit. 

  • This in turn underlines the significance of forests in contributing to the financial wealth of a country

  • India’s forests serve as a major sink of carbon dioxide (CO2). 

  • The value of mitigation has put a conservative $5 per tonne of CO2 locked in forests, this huge sink of about 24,000 mt of CO2 is worth $120 billion, or ₹6 lakh crores.

  • As per 2022-2023 report of the Reserve Bank of India (RBI) on the macroeconomic impact of climate change and changing patterns of rainfall, India could lose anywhere around 3% to 10% of its GDP annually by the year 2100 due to climate change

  • The report clearly suggests the enormous potential impact of climate change on society, leading to serious job losses in every sector. 

  • Therefore, the adverse effect will be on the future of the nation as a whole, as against an identifiable group

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Forest in Financial wealth UPSC NOTE
Forest in Financial wealth UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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