Supreme Court Judgment on Forests as a National Asset

The Supreme Court has recently issued a judgment emphasizing the need for an ecocentric approach to environmental protection, closely related to the Forests Conservation (Amendment) Act of 2023.

• This judgment is closely tied to the Forests Conservation (Amendment) Act of 2023.

Key Highlights of the Judgment:

• It calls for Green Accounting, suggesting that natural assets should be part of a country’s wealth evaluation. This approach includes both tangible and intangible benefits.
• The judgment reinforces the financial value of forests by allowing countries with surplus forest cover to sell carbon credits to those with a deficit.
• According to the judgment, the value of India’s forest carbon sink is about 24,000 million tons of CO2, estimated at $120 billion.
• The ruling discusses the protective role of forests in reducing climate impacts, which could otherwise decrease GDP by 2.8% and lead to lower living standards by 2050.

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