ANNOUNCEMENTS
Extremity of climatological disasters in the Himalayas has been attributed to the increase in CO2 emissions due to large-scale deforestation and forest degradation, caused by anthropogenic activities. Forests are the most cost-effective nature-based solutions for mitigating climate change and therefore, must be conserved and economically valued. The present study attempts to value the forest carbon stocks of Uttarakhand, through the calculation of marginal damage caused per ton of CO2 emissions, the Social Cost of Carbon (SCC); using statistical methods of Ridge and Ridge Principal Component Regressions. The modelling results in the estimated value of SCC in the range of US$13.80-US$29.50 per ton of carbon, amounting to the annual value of forest carbon of Uttarakhand in the range of US$5.21-US$11.15 billion. The estimated value of carbon may guide the local government bodies, the state’s forest department and the policymakers, to allocate an appropriate budget for the promotion of forestry activities of conservation, afforestation and reforestation and account for the essential role of forests in the mitigation of climate change.
