MUMBAI, 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. 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 welfare measures for forest personnel. He added that despite Maharashtra carrying a debt burden of around Rs.11 lakh crore, the state remained financially strong. According to a forest department official, the government has begun evaluating forest-related assets as part of the groundwork for the proposed initiative. "The government has currently undertaken the process of evaluating all the assets owned by the forests as part of the groundwork for this initiative. The infusion of bonds will help bridge the gap between the financial availability and the financial requirements needed for this department," the official said. The official added that the proposal is still at a preliminary stage and that the Forest Development Corporation of Maharashtra Ltd (FDCM), a state-owned entity responsible for forestry and plantation activities, will be the nodal agency overseeing the process, including the appointment of bankers and financial advisors....