Accra, Feb. 28, GNA – Ghana is selling 24 million of the 64 million metric tonnes of carbon credit to prospective buyers under Article Six of the Paris Agreement, President John Dramani Mahama said on Thursday.
Carbon markets are trading systems where carbon credits – a permit acting as commodity – are exchanged for sustainable development projects.
One tradable carbon credit (a unit) equals one tonne of carbon dioxide or the equivalent amount of a different greenhouse gas reduced, removed or avoided.
President Mahama, delivering his first State of the Nation Address in Parliament, said the carbon market sought to reduce carbon emissions, create green jobs, introduce innovation and attract investments more than one billion dollars by 2030.
Of the total figure up for sale, 5.2 million tonnes had been authorised under three projects, focused on sustainable rice cultivation, waste-to-compost and transformative cookstoves.
“We pledge to align our national policies with international efforts to limit global warming to 1.5°C by 2050 and promote a fair and just transition to renewable energy sources,” he said.
Through the Ghana Carbon Market of the Environmental Protection Authority, 68 carbon market projects have been received for approval and are under consideration at different stages of development.
Ghana has signed three bilateral cooperation agreements with Switzerland, Sweden, and Singapore, while that of South Korea was at the cabinet level.
GNA