Albert Oppong-Ansah, GNA Special Correspondent (Courtesy: Energy Ministry, New Narratives)
Baku, Nov. 15, GNA - The Environmental Protection Agency (EPA) and Zero13 have signed an agreement with the Global Internationally Transferred Mitigation Outcomes (ITMOs) Trading Hub in Singapore to enhance Ghana’s leadership in African carbon markets.
This agreement will link the Ghana Carbon Registry (GCR) to the blockchain-based ITMOs network, enabling the auctioning of Ghanaian carbon credits. It will also provide access to global buyers, ensure competitive pricing, and maximize the value of Ghana’s carbon credits.
The Ghana Carbon Registry (GCR) is an online database established by the Government of Ghana to collect, verify, and track emissions data from emissions reduction projects.
It will be fully internationalized with support from Zero13’s blockchain-enabled platform, ensuring that carbon credits are securely issued, tracked, traded, and settled with a focus on transparency and efficiency.
Dr. John Kingsley Krugu, Executive Director of the EPA, and Hirander Misra, CEO of Zero13, signed the agreement on behalf of their respective organizations at the sidelines of COP 29 in Baku, Azerbaijan.
The development follows the May 2024 Implementation Agreement between Ghana and Singapore to implement green and low-carbon technology solutions, creating jobs and delivering social and environmental benefits across the country.
Dr. Krugu, speaking after the signing, stated that the agreement marked a significant step in operationalizing digital trading and settlement of ITMOs under Article 6.2 of the Paris Agreement.
He said, “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.”
Dr. Krugu noted that the generation of ITMOs for trade would connect Ghana’s environmental efforts to global markets and contribute to the broader goal of reducing emissions.
He emphasized that the partnership would allow Singaporean companies to access high-quality carbon credits from Ghanaian projects, supporting both the economic and environmental well-being of local communities.
Mr. Hirander Misra, Chief Executive Officer of ZERO13, noted that implementing the terms of the pact would provide an opportunity to contribute to advancing climate action through technology.
“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,” he said.
Mr. Misra said that by combining Ghana’s natural resources with the sustainable finance and trading capabilities available in Singapore, the two nations were setting a precedent for international collaboration on carbon markets and climate action.
Ghana is focused on tapping into the potential of the carbon market by creating demand for 24 million tonnes of carbon as part of its climate mitigation strategies.
Since 2020, Ghana has signed cooperative agreements with Switzerland, Sweden, Singapore, and South Korea to mobilize sustainable finance for implementing its Nationally Determined Contributions (NDC) programs.
These efforts will also create green jobs, facilitate the transfer of green technology among local businesses, and help Ghana meet its global climate targets.
Currently, there are approximately 54 pipeline projects at various stages of development in the mitigation activity cycle. Of these, eight projects are expected to generate over $850 million through direct investment, the commercial value of carbon credits, and associated fees.
GNA