Accra, March 24, GNA – Ms Harriet Thompson, the British High Commissioner, has lauded Ghana for showing examplary leadership in embracing and growing its carbon market.
“Ghana is embracing and growing its carbon market at a time when the world is looking for smart climate finance solutions,” she said.
“This is important as nations come together to work towards ambitious climate commitments ahead of COP28.”
Ms Thompson said this at a roundtable on Ghana’s Carbon Market and Regulatory Framework in Accra.
The event was an effort to building on the success of the Carbon Market Development Roundtable 2022.
Carbon markets refer to the generation and trade in units (referred to as credits), which represent a tonne of greenhouse gases (GHGs).
The GHGs can either be reduced by protecting threatened standing forests or using clean technology and undertaking tree planting exercises.
The roundtable was organised by the UK Government, in collaboration with Ghana’s Environmental Protection Agency, Forestry Commission, Foundation for Climate Protection and Carbon Offset, and the Embassy of the Netherlands.
Ms Thompson said the UK had been a strong supporter of carbon pricing and a pioneer in carbon markets through domestic and international advocacy activities for the uptake of carbon pricing schemes.
“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 realise Ghana’s carbon trading potential.”
It’s a potential that would create economic opportunities and protect Ghana’s beautiful forests and green spaces, she said.
Ghana is showing global leadership in the supply and selling of carbon credits under the Paris Agreement’s Article Six international trade provision.
The country recently published the ‘National Carbon Market Framework,’ meaning Ghana has one of the most advanced carbon markets across Africa.
The Framework has created levies on carbon credit exports and supporting the growth of relationships with nations buying carbon credits and opening opportunities with new trading platforms.
Since the first Carbon Market event, Ghana has made substantial progress by receiving its first payment through the UN’s Reducing Emissions from Deforestation and Forest Degradation+ scheme (REDD+ scheme); Developing Swiss-Ghana collaboration around carbon projects.
The new framework has seen major businesses developing their plans to invest in carbon offset finance in Ghana.
“The UK is a strong supporter of carbon pricing and a pioneer on carbon markets, through both domestic action and our support for the uptake of carbon pricing schemes around the world,” she said.
The UK High Commissioner expressed the belief that putting a price on carbon was recognised as an important element of climate change mitigation since it provided a cost-effective and technology-neutral way of reducing emissions and mobilising the private sector.
It can also offer social and biodiversity benefits, but related safeguards must be met.
Ms Thompson said the UK was working through international fora to set the foundations for a credible new global carbon trading system rooted in environmental integrity.
“Through our International Climate Finance, BEIS is providing £130m to support more ambitious carbon pricing, and to enhance the integrity of the international carbon market, using new and innovative approaches that reduce emissions and leverage investment.”
The United Kingdom currently supports over 30 low-and-middle-income countries to implement domestic carbon pricing initiatives such as a carbon tax or emissions trading system, or through baseline and crediting approaches by engagements in multi-donor funds.
GNA