Dehradun, Aug. 26 -- The state environment department will function as the nodal agency for carbon credit initiatives in Uttarakhand, chief secretary Anand Bardhan announced on Monday. Chairing a high-level review meeting at the Secretariat, Bardhan said carbon credits offered significant potential as a new source of income while also strengthening conservation efforts in the state. Carbon credits are tradable certificates denoting permits for regulated greenhouse gas emissions, up for purchase by companies or people to account for and compensate for unavoidable levels of emission, especially in a commercial context. They are generated by organisations focused on conservation initiatives, such as reforestation. A single carbon credit represents the reduction, removal or avoidance of one metric tonne of carbon dioxide or its equivalent in other greenhouse gases. Credits are traded within an ecosystem called a carbon market. "For a hilly state like Uttarakhand, where forests cover a majority of the land, carbon credit not only helps safeguard the environment but also creates opportunities for social and economic development," said the chief secretary. He also directed the forest, agriculture, cooperative and dairy development departments to align themselves with the environment department and coordinate on carbon market related projects....