Global biopharma company GSK has invested in carbon credits that will be delivered via Varaha’s regenerative agriculture project active in northern India.
The 8-year purchase agreement was structured by nature-risk infrastructure provider Earthly.
Under the agreement, GSK will support Varaha on expanding regenerative agriculture practices on over 50,000 hectares of land in the north of India.
Through this project, Varaha will deliver both emissions reductions and CDR by helping farmers implement regenerative agriculture practices that will reduce the burning of crop residue and increase CO2 storage in agricultural soils.
This partnership aligns with GSK’s sustainability strategy. By 2030, the biopharma company wants to reduce its CO2 emissions by 80% (from a 2020 baseline), addressing the remaining 20% with investments in high-quality nature protection and restoration projects that deliver human health co-benefits.
In the Indian states of Punjab and Haryana, tens of thousands of farmers burn leftover crop residues once the rice harvesting activities end.
These workers are forced to resort to residue burning, pressured by a short window of time between the harvest and next planting season, as well as expensive labor and equipment for sustainable residue management.
The burning of waste biomass is a significant source of greenhouse gas emissions such as carbon dioxide and methane, and it also contributes seasonally to the serious problem of air pollution in South Asia.
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Varaha’s regenerative agriculture project in northern India
Varaha’s project in this area helps farmers transition from conventional practices towards regenerative alternatives, such as Direct Seeded Rice (DSR), reduced tillage, and crop residue incorporation into the soil.
In return, farmers receive subsidised access to machinery and a share of carbon credit revenue, while also unlocking higher yields, improved soil structure and water retention, and a lower need for chemical fertilisers.
This project is certified under the VM0042 methodology of Verra’s Verified Carbon Standard.
As part of this agreement, the project will be upgraded to the VM0042 v2.2 methodology, enabling its future issuances to qualify for the CCP label.
