The Environmental Protection Agency says local communities will not be exempted from the benefits that will be accrued from Ghana’s operations in the carbon market.
The Director of Climate Change and UNFCCC Focal Point at EPA, Dr Daniel Benefoh explained that the carbon market “creates the avenue for local communities to benefit from the proceeds of the carbon credit”.
Also, this “helps the government to meet its emission reduction commitment in the country and promote the development”, he added.
Speaking at a Carbon Market Development Roundtable 2022 organized by the UK Government, Dr Benefoh stated that two major issues affecting the fight against climate change are firstly “working together with Ghanaians or key stakeholders to ensure that we create more awareness in the various sectors or the society” and secondly, “the need to facilitate investments into interventions that will support the combating of climate change in Ghana.”
He explained that this will influence a “lifestyle change that will be supportive of the quest to have a clean and climate-proof society.”
As a signatory to the Paris Agreement, Ghana is committed to limiting the global temperature increase in this century to 2 degrees Celsius above pre-industrial levels, while pursuing the means to limit the increase to 1.5 degrees.
The Carbon Market Development Roundtable 2022 held in Labadi Beach Hotel, assembled the Environmental Protection Agency, Forestry Commission, Foundation for Climate Protection and Carbon Offset (klik) and the Embassy of the Netherlands to discuss ‘Growing the Carbon Market in Ghana’.
The discussion focused on two key areas for Ghana, thus the progress on cook-stove emissions and the protection of Ghana’s forests.
The event was held in the same week as the UN International Day of Forests and the publication of the Intergovernmental Panel on Climate Change (IPCC)’s AR6 Synthesis Report; the roundtable hosted project developers, traders, verifiers and other sector experts to discuss the progress and ongoing potential of Ghana’s carbon market.
Richard Sandall of the UK Foreign and Commonwealth Development Office (FCDO), said: “We [British] share global goals around climate change. You recognize the opportunity that the carbon market brings and most importantly, Ghana which is a country ahead of the game and setting the regulation”.
The British High Commissioner Harriet Thompson applauded partners for their quest to combat climate change with “Ghana embracing and growing its carbon market at a time when the world is looking for smart climate finance solutions. This is important as nations come together to work towards ambitious climate commitments ahead of COP28″.
‘‘As a long-term partner to Ghana and as a global champion of carbon markets, we are determined to bring together governments, civil society organisations, experts, policy-makers, businesses and investors to realize Ghana’s carbon trading potential. A potential that will create economic opportunities and protect Ghana’s beautiful forests and green spaces,” she added.
Ghana has received its first payment through the UN’s Reducing Emissions from Deforestation and Forest Degradation+ scheme (REDD+ scheme).