Why is it in the news?

• The Supreme Court of India, in the State of Telangana vs Mohd. Abdul Qasim case, declared that forests in India are a national asset.

More about the news

• The judgment emphasized the need to transition from an anthropocentric approach, which prioritizes human needs, to an eco-centric approach, which prioritizes the needs of nature.
• This approach recognizes humans as one part of life on Earth and advocates living within ecological limits rather than considering humans as the sole purpose of environmental protection.
• The judgment highlighted the financial wealth generated by forests, noting that a country with excess forest cover could sell its excess carbon credits, with a carbon sink of about 24,000 mt of CO2 worth approximately $120 billion.
• Forests were recognized for their role in mitigating climate change, with the judgment citing a report by the RBI indicating that the effects of climate change, such as rising temperatures and changing rainfall patterns, could cost India’s economy 2.8% of its GDP.
• The judgment endorsed the concept of “Green Accounting,” which evaluates a nation’s wealth, including its natural assets, and highlighted the significant benefits, both tangible and intangible, of such an approach.