Ghana and Singapore have announced a call for eligible carbon emission reduction projects from prospective firms, for authorisation.
The project areas, which include clean water supply, efficient and clean cookstoves and green mobility and information, can be obtained through Ghana’s Carbon Market official website.
This was contained in a statement issued by the Environmental Protection Agency and copied to the Ghana News Agency, explaining that the call for application was under the Implementing Agreement (IA) initiated by both countries in May 2024, on carbon credits cooperation under Article 6 of the Paris Agreement.
he statement said project developers seeking authorisation under the IA were expected to finance eligible emissions reduction or removal projects in Ghana, that could generate high-integrity carbon credits.
The potential projects, the statement said, must promote sustainable development benefits for the local communities, including job creation and clean water access, improved public health, enhanced forest and soil management, improved energy security, and reduced environmental pollution.
It noted that the project aiming to obtain authorisation must also create carbon credits aligned with Article 6 of the Paris Agreement and Ghana’s framework on international carbon markets and non-market approaches.
The statement noted that under the Singapore International Carbon Credit (ICC) Framework, those credits may be eligible for Singapore-based carbon tax-liable companies, to offset up to five per cent of their taxable emissions.
The application and authorisation comprised four stages, each corresponding to a different implementation step for the carbon credit project.
The first, second and third stages required applicants to submit details on the design and implementation plan for the eligible carbon credit project in the lead-up to its authorisation.
The final stage was for corresponding adjustments to be applied to the carbon credits generated from the authorised project in accordance with Article 6 of the Paris Agreement and the GCM.
Ghana is focusing on tapping into the fortunes of the carbon market by creating demand for 24 million tonnes of carbon as part of its climate mitigation measures.
Since 2020, Ghana has signed cooperative agreements with Switzerland, Sweden, Singapore, and South Korea towards mobilising sustainable finance to implement the Nationally Determined Contributions programmes.
It would also create green jobs, facilitate green technology transfer among local businesses and achieve its global targets.
There are about 54 pipeline projects that are currently developed in varying stages of the mitigation activity cycle, eight of which the country envisages to unlock over 850 million dollars (made by catalysing direct investment, commercial value of carbon credit and fees) from these projects.
Source: GNA
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