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This study examines the feasibility and impact of implementing carbon projects in Sri Lanka. Carbon projects on Mangroves, Agroforestry, Alternate Wetting and Drying, and cookstoves suit the country's resources. One potential project with fewer challenges to implement in Sri Lanka is AWD. AWD can be practiced in Sri Lanka's paddy fields to reduce methane emissions, conserve water, and generate economic benefits through carbon credits. Focusing on five key districts—Badulla, Ratnapura, Nuwara Eliya, Mullaitivu, and Kilinochchi—known for extensive irrigated paddy cultivation, the results highlight AWD's significant potential for environmental and economic gains. AWD substantially reduces methane emissions compared to traditional continuous flooding (CF). In Scenario 1, with a single drying cycle, GHG emissions are reduced by approximately 2,330,480 tonnes over eight years, averaging 291,310 tonnes per year. Scenario 2, with multiple drying cycles, achieves a reduction of 3,606,695 tonnes over eight years, averaging 450,836 tonnes annually. The carbon credits generated from these reductions offer considerable economic benefits. In Scenario 1, about 4 carbon credits per hectare per year are generated, equating to $60 annually. In Scenario 2, this increases to 6 credits per hectare per year, equating to $90 annually. These amounts translate to 18,038 LKR and 27,058 LKR per hectare per year, respectively, boosting the average annual profit for farmers by 9.5% in Scenario 1 and 14.22% in Scenario 2. Scenario 2 can help the farmer with one acre of paddy land cross the poverty line in selected districts. AWD also conserves water, optimizing usage and minimizing loss, thereby sustaining resources and enhancing agricultural resilience. Implementing AWD can help Sri Lanka achieve its Nationally Determined Contribution (NDC) target of reducing GHG emissions by 1,858,000 metric tonnes of CO2 equivalent, significantly contributing to national emission reduction efforts and providing additional income for farmers.
