MegCare Program Secures Rs 8.5 Crore for Agroforestry Carbon Sequestration
The Meghalaya Carbon Agroforestry for Community Resilience and Ecosystems (MegCare) program has received a significant boost. Iora Ecological Solutions has secured Rs 8.5 crore (around $1 million) in debt funding from Caspian Impact Investings, supported by Rabo Foundation and Rabobank's ACORN platform. This marks a crucial milestone for the program, which aims to restore degraded landscapes and enhance rural livelihoods through sustainable agroforestry practices.
The MegCare program, financially supported by the United Nations Development Programme (UNDP), targets over 25 million tonnes of CO2 sequestration over 30 years. It benefits around 80,000 smallholder farmers and is implemented in partnership with the Meghalaya Basin Development Authority (MBDA). The program generates Carbon Removal Units (CRUs) that will be monetised in global carbon markets, with this investment being one of the first in India to be underwritten against future CRUs.
The debt funding will be used to scale the MegCare program, contributing to Meghalaya's vision for ecosystem restoration and climate action. The investment is part of Rabobank ACORN's and the Government of Meghalaya's efforts to explore innovative climate finance solutions for advancing ecosystem restoration and improving rural livelihoods.
The successful securing of debt funding for the MegCare program demonstrates the potential of sustainable agroforestry in addressing climate change and improving rural livelihoods. The program's long-term goals and innovative funding structure position it as a key initiative in Meghalaya's climate action and ecosystem restoration efforts.
