The Agreement, which was signed on Friday, 1st December, 2023, 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 beneath the LEAF Coalition for the availability of high-integrity jurisdictional REDD+ emission reductions and removals credit score.
Costa Rica, later, additionally, signed an settlement with Emergent, value Fourteen Million US Dollars (US$14,000,000.00), making the 2 international locations the one forest international locations to attain this feat.
The LEAF Coalition was launched in April, 2021 by the Governments of the United Kingdom, the United States and Norway, along with some main world corporations, as a voluntary world coalition to convey collectively corporations and governments, to offer finance for tropical and subtropical forest conservation commensurate with the dimensions of the local weather change problem.
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The Coalition goals to lift world local weather ambition and contribute to halting tropical and subtropical deforestation and forest degradation by 2030, by guaranteeing that tropical and subtropical forest jurisdictions have entry to massive scale, predictable performance-based finance, to allow them spend money on lowered deforestation and sustainable rural improvement.
Following Call for Proposals, which thirty (30) international locations participated, and after the preliminary technical screening by a panel of consultants, Ghana, Nepal and Ecuador have been chosen as the primary international locations to signal a Letter of Intent with the Coalition as part of preliminary steps in the direction of signing a binding ERPA to entry funds from the Coalition.
At COP26 in Glasgow, United Kingdom, the Minister for Lands and Natural Resources, Hon. Samuel A. Jinapor, MP, signed a Letter of Intent on behalf of Government. Subsequently, the Minister inaugurated a Committee, chaired by the Deputy Minister answerable for Lands and Forestry, Hon. Benito Owusu-Bio, MP, to work in the direction of securing a binding ERPA.
The Committee has been working with the Forestry Commission, as lead negotiators, resulting in Ghana turning into the primary nation to safe a binding ERPA. Some twenty-five (25) international locations and subnational governments, together with forest international locations like Republic of Congo, Bolivia, Columbia and Brazil, have signed Letters of Intent, and are, additionally, working in the direction of a binding ERPA with Emergent.
Speaking at a ceremony to mark the signing of the Agreement on Sunday third December, 2023, at COP28 in Dubai, UAE, the Minister for Lands and Natural Resources, Hon. Samuel A. Jinapor mentioned the signing of the Agreement is additional testomony to Ghana’s targeted efforts at revamping her forest panorama restoration fortunes with the suitable sustainability protocols.
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He mentioned the significance of forest and nature-based options to local weather change is crucial at this disaster second, and international locations should scale up efforts to ship on these options.
According to Mr. Jinapor, this new settlement will complement different interventions being carried out 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, beneath the Ghana Cocoa REDD+ Programme, and is implementing the Ghana Shea Landscape Restoration Programme with assist from the Green Climate Fund.
The Minister mentioned the brand new ERPA will assist Ghana lengthen local weather motion to areas past her Carbon Fund space.
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He referred to as on the worldwide neighborhood to return collectively to assist actions in the direction of forest restoration and safety. “The time to behave with velocity and effectiveness towards local weather change is now.
The time for partnership and collaboration in ramping up forest and nature-based local weather motion is, certainly, now…. Let us, subsequently, get on with this noble enterprise to save lots of our planet,” Mr. Jinapor mentioned.
On his half, the Founder and Chief Executive Officer of Emergent, Mr. Eron Bloomgarden, congratulated Ghana for the feat chalked. He mentioned the dedication and zeal of the staff from Ghana ensured that an settlement was reached inside a document time, making Ghana the primary African nation to signal such settlement. He expressed his optimism in the direction of delivering forest options to local weather change.
The United Kingdom’s Minister for Energy Security and Net Zero, Hon, Graham Stuart, talking on the transaction mentioned halting tropical deforestation is crucial to tackling local weather change, and the dedication of forest international locations like Ghana to guard pure ecosystems is commendable. On his half, the Minister for Climate and Environment of Norway, Hon. Andreas Bjelland Eriksen, mentioned he was excited for Ghana and Costa Rica signing ERPA beneath the LEAF Coalition, and referred to as on governments and the personal sector to ramp up private and non-private finance for forest international locations to accomplice with the LEAF Coalition to ship prime quality forest carbon.
Forest and nature-based options to local weather change have been on the centre of successive COPs since 2021, because it has the potential to ship as much as a 3rd of worldwide local weather options.