By: Joyce Gyekye
Ghana is expected to transfer its first carbon credit, known as the Internationally Transferred Mitigation Outcomes, (ITMOs) by the first quarter of 2025 to Switzerland. The ITMOs will be generated from an improved cookstove project that was developed by ACT Commodities and Envirofit, as part of a cooperative agreement between Ghana and Switzerland signed in 2020.
The Minister of Environment, Science, Technology and Innovation, Madam Ophelia Mensah Hayford announced this in a speech read for her in Accra at an event that showcased solutions to reduce carbon emission in fulfillment of Article 6 of the Paris Agreement.
She said the country aimed to create “ more green jobs, contribute to the transfer of technology and incentivize the private sector to contribute to the outcomes of the Nationally Determined Contributions, NDCs” of the country in addressing climate change, beyond the emission reduction objective of the agreement.
Madam Mensah Hayford stated that as at December 2023, six projects under the framework had secured investment decisions totaling over 850 million Dollars, which included government fees, service fees and direct investments.
Switzerland’s Ambassador to Ghana, Madam Simone Giger commended Ghana for being the pioneer globally in carbon trading under Article 6 of the Paris Agreement , adding that “ this has been able to draw significant positive international attention to its effort”.
She emphasized that the agreement between Ghana and Switzerland along with the established framework, had provided a clear pathway and investment security for cooperation.
The Klik Foundation will be the recipient of the ITMOs. The Foundation is the carbon offset grouping of the Swiss motor fuel importers, mandated under the Swiss Co2 Act to offset parts of the carbon emissions generated by the use of motor fuels in Switzerland .
Its Director of Carbon Procurement, Yannick Travis-Kahriman, acknowledged the political will demonstrated by both Ghana and Swiss partners for expedited processes, leading to significant advancement in project development and implementation.
Ghana has since 2020 entered carbon trading cooperative agreements with Sweden, Singapore and South Korea to mobilize sustainable financing for its NDCs that has 34 mitigation measures, 9 unconditional and 25 conditional.
Some of the emission reduction projects exhibited included improved cookstove, multi purpose cooking appliance and a solar powered bus.
More Stories Here
