India, June 6 -- In a first-of-its-kind move aimed at unlocking new sources of funding for conservation, the Maharashtra forest department is exploring the issuance of green bonds and carbon credits to raise money for forest protection, afforestation and welfare initiatives for its personnel, Forest Minister Ganesh Naik announced on Friday.

Green bonds are debt instruments through which investors fund environmentally sustainable projects, while carbon credits are tradable certificates earned by activities that reduce or absorb greenhouse gas emissions.

Speaking at a function at Sanjay Gandhi National Park (SGNP), Naik said the proposed funds would be utilised for a range of forest department projects, infrastructure development and welf...