The Forestry Commission, below the auspices of the Ministry of Lands and Natural Resources, has signed Emission Reductions Payment Agreement (ERPA) with Emergent Forest Finance Accelerator Incorporated (Emergent), a US-based non-profit organisation that serves because the convenor and coordinator of the Lowering Emissions by Accelerating Forest Finance (LEAF) Coalition.
The settlement will see Ghana receiving cost of as much as $50 million for emission reductions of as much as 5 million tonnes of carbon dioxide equal, at a unit value of US$10.00 per tonne of carbon dioxide equal.
The Agreement, which was signed on Friday, on the sidelines of the twenty eighth session of the Conference of Parties (COP28) of the United Nations Framework Convention on Climate Change (UNFCCC), made Ghana the primary nation, globally, to signal ERPA below the LEAF Coalition for the provision of high-integrity jurisdictional REDD+ emission reductions and removals credit score.
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At COP26 in Glasgow, United Kingdom, the Minister of Lands and Natural Resources, Samuel A. Jinapor, signed a Letter of Intent on behalf of presidency.
Subsequently, the Minister inaugurated a committee, chaired by the Deputy Minister answerable for Lands and Forestry, Mr Benito Owusu-Bio, MP, to work in direction of securing a binding ERPA.
Speaking at a ceremony at COP28 in Dubai on Sunday, the Minister of Lands and Natural Resources, Samuel A. Jinapor, stated the signing of the Agreement was an additional testomony to Ghana’s centered efforts at revamping her forest panorama restoration fortunes with the proper sustainability protocols.
According to Mr Jinapor, this new settlement will complement different interventions being implemented to halt local weather change, such because the flagship Green Ghana Project, the Ghana Forest Plantation Strategy, and the Ghana REDD+ Strategy.
Ghana has already acquired result-based funds of greater than US$4.8 million, below the Ghana Cocoa REDD+ Programme, and is implementing the Ghana Shea Landscape Restoration Programme with help from the Green Climate Fund.
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The Minister stated the brand new ERPA will assist Ghana lengthen local weather motion to areas past her Carbon Fund space.
He known as on the worldwide community to return collectively to help actions in direction of forest restoration and safety. “The time to behave with pace and effectiveness in opposition to local weather change is now.
“The time for partnership and collaboration in ramping up forest and nature-based climate action is, indeed, now…. Let us, therefore, get on with this noble undertaking to save our planet,” Mr Jinapor stated.
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On his half, the Founder and Chief Executive Officer of Emergent, Mr Eron Bloomgarden, congratulated Ghana for the feat chalked.
The United Kingdom’s Minister of Energy Security and Net Zero, Mr Graham Stuart, talking on the transaction stated halting tropical deforestation is vital to tackling local weather change, and the commitment of forest international locations like Ghana to guard pure ecosystems is commendable.
On his half, the Minister for Climate and Environment of Normeans, Mr Andreas Bjelland Eriksen, stated he was excited for Ghana and Costa Rica signing ERPA below the LEAF Coalition, and known as on governments and the personal sector to ramp up private and non-private finance for forest international locations to halfner with the LEAF Coalition to ship top quality forest carbon.
BY TIMES REPORTER