PESHAWAR: A feasibility study to map Khyber Pakhtunkhwa`s forest carbon credit potential has showed that the province could generate $4billion overa period of 40 years from forest carbon initiatives, including carbon credit sales, sustainable timber harvesting and the development of non-timber forest products.

The `KP Forest Credit Mapping, Technical and Feasibility Report,` prepared by the Sustainable Energy and Economic Development, was launched during a ceremony at the Chief Minister`s House with Chief Minister Ali Amin Khan Gandapur in attendance.

The 478-page report noted that KP was known for its rich natural landscapes and biodiversity and with over 20pc of Pakistan`s forest cover, the province played a crucialrolein the country`s ecological stability and carbon sequestra-tion efforts.

`KP offers significant potential for nature-based carbon projects, with a total carbon sequestration capacity of over 400 million tonnes of CO? equivalent (tCO?e) across a 40-48-year project period, generating approximately $4.0 billion in revenue through carbon credits, sustainable timber, and non-timber forest products (NTFPs),` it said.

The report said that the assessment has identified 10 priority projects across three categories: five integrated forest management (IFM) projects, three afforestation, regeneration and re-vegetation (ARR) projects, and two avoiding unplanned deforestation and degradation (AUDD) projects, covering a combined area of approximately 2.2 million hectares.

`These initiatives are expected to create over 50,000 jobs, restore 78,000 hectares of degraded land, and sustainably manage 2.8 million hectares of forest, while ensuring 40pc of carbon revenue is allocated to local communities,` it said.

The report pointed out that the region has faced significant challenges related to deforestation and forest degradation, driven by various socio-economic and environmental factors.

It said that the global climate crisis hasalsounderscoredtheneed toaddressthese issues.

It added that in order to address the issue, the KP government launched the Billion Tree Tsunami Afforestation Project (BTAP) in 2014 as an ambitious afforestation, reforestation, and forest restoration initiative to combat deforestation, restore degraded areas, enhance biodiversity and mitigate climate change.

`The project aimed to restore degraded forest areas through establishment of forest closures and thereby promoting the assisted natural regeneration of 600 million seedlings. It also targeted ARR activities over an area of 350,000 hectares through tree planting by the forest department as well as the promotion of farm forestry through distribution of seedlings to farmers throughout the province,` it said.

The report said that the BTTAP also laid the foundation for the Ten Billion TreesTsunamiAfforestationProgramme, which was launched in 2020.

It added that the study identified an area of 66,496 hectares of potential AA R sites across the province, while an area of 2,008,466 hectares was identified for potential IFM and 109,519 hectares for penitential AUDD projects.

`For successful design, implementation, and long-term sustainability ofARR, IFM, and AUDD forest carbon projects in the province,` it said.

The report recommended a robust legal and institutional framework for forest carbon projects to provide for a provincial-level Carbon Market Policy and Regulatory Framework, institutionalise inclusive stakeholder engagement mechanisms and design transparent and equitable revenue-sharing mechanisms.

It also called for the introduction of mainstream social, environmental and governance safeguards, implementing participatory and technologically advanced monitoring, reporting and verification systems and designing publicprivate partnership models with built-in safeguards and incentives.

On the occasion, CM Gandapur described the launch of the KP Forest Credit Mapping, Technical and Feasibility Report a historic milestone for the forestry sector in the province and said the initiative laid the foundation for the province`s participation in international carbon credit markets and opened new avenues for it to access innovative green financial resources.

`This mapping effort represents a comprehensive model for environmental, economic and social development in the province,` he said.