The government of Ghana, through the Environmental Protection Agency (EPA), has reached an agreement with a Singapore-based firm Zero13 to link Ghana’s carbon registry to the blockchain-based global ITMO trading hub and settlement network in Singapore.
Ghana’s carbon registry was established by the government of Ghana to serve as a database to, amongst other things receive, process, record, and store data on mitigation projects, issuance, transfer, acquisition and retirement of emission reduction credits.
The registry was established in furtherance of Ghana’s efforts at meeting its carbon reduction targets through article 6.2 Paris Agreement.
The agreement is a voluntary approach through which states meet their carbon and greenhouse gas emission targets. In furtherance of the world’s agenda to reduce its carbon emissions, countries have been encouraged to set targets beyond which they will not emit carbon and other greenhouse gases.
But in other to achieve this, states have agreed to operate a carbon credit system where countries who emit lower carbons than their mandated target can offset their remaining points to other countries in exchange for other gains.
The memorandum of understanding is to enable Singaporean companies to access high-quality carbon credits from Ghanaian projects, helping to meet their emissions reduction targets while supporting the economic and environmental well-being of Ghanaian communities.
The first projects to be activated via this digital infrastructure are Ghana’s Article 6.2 related ITMO Projects. Generating ITMOs for trade will connect Ghana’s environmental activities to global markets. These projects focus on multiple sectors, including sustainable land use through agroforestry, furthering Ghana’s commitment to mitigating climate change.
Dr. John Kingsley Krugu, Executive Director of the Environmental Protection Agency (EPA) in Ghana commenting on the agreement noted that, “With the work EPA and other bodies in Ghana have been doing, the country has shown it can be a pioneer in making Article 6.2 related ITMO activity a reality under its implementation agreement with Singapore.
He added, “We are delighted that ZERO13 is working with us to make this operational with its ITMO Trading Hub connecting to Ghana Carbon Registry.”
Meanwhile, the CEO of ZERO13, Hirander Misra, commented: “We are delighted to be part of this collaboration and demonstrate how technology can play a crucial role in advancing climate action. By leveraging our blockchain-enabled digital ITMO Trading Hub and settlement network, we are enabling secure and transparent carbon trading that supports national climate targets and economic growth as well as generating opportunities for local communities.”
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