UNDP congratulates Ghana for formalizing agreement with Switzerland to transfer carbon credit at COP27
The United Nations Development Programme (UNDP) has congratulated Ghana for formalizing its bilateral agreement with Switzerland to transfer carbon credit.
This is a result from UNDP’s project to promote climate smart agriculture in rice cultivation, in Ghana.
Ghana is the first country globally, to launch a project and issue an authorization statement for the transfer of mitigation outcomes as part of cooperative approaches under Article 6.2 of the Paris Agreement.
A statement issued by Ms. Praise Nutakor, Head of Communications and Partnerships, UNDP Ghana, and copied to Ghana News Agency (GNA) said the bilateral agreement allowed public and private institutions to collaborate to invest in climate change mitigation interventions in Ghana and exchange carbon credits with Switzerland for payment, while maintaining the development benefits in the country.
The transfer authorization was announced at a side event at the ongoing Climate Change Conference (COP 27) in Egypt, when the government officially presented a formal authorization letter to the UNDP, which has facilitated the bilateral agreement between Ghana and Switzerland.
“Ghana’s leadership in Africa on carbon finance with the landmark bilateral agreement with Switzerland is something we are proud of.
We want to leverage this collaborative approach to crowd in more carbon revenue to accelerate the implementation of our national climate plan for the benefits of many communities”, Dr. Kwaku Afriyie, Minister of Environment, Science, Technology and Innovation (MESTI) was said to have stated at the side event.
According to the statement, the authorization was in line with the guidance of cooperative approaches referred to in Article 6 paragraph 2 of the Paris Agreement and Ghana’s Mitigation Framework for the Mitigating Activity titled “promotion of climate-smart agriculture practices for sustainable rice cultivation in Ghana”.
The letter confirms that the Internationally Transferred Mitigation Outcomes (ITMOs) will represent mitigation from 2021 onward spanning through the implementation period of Ghana’s Nationally Determined Contribution (NDC).
“I congratulate Ghana for formalizing its bilateral agreement with Switzerland to transfer carbon credit resulting from our project to promote climate smart agriculture in rice cultivation”, noted Dr Angela Lusigi, the UNDP Resident Representative in Ghana.
During the side event at the COP27, Ghana showcased how pioneering voluntary cooperation approaches under Article 6.2 of the Paris Agreement will enable the reduction of carbon emissions, while advancing progress on the Sustainable Development Goals (SDGs) in developing countries.
Beyond emissions reductions, climate mitigation projects can indeed directly yield many development benefits including job creation, support to livelihoods and food security.
Article 6 of the Paris Agreement acknowledges that countries can pursue voluntary cooperation in the implementation of their climate plans known as Nationally Determined Contributions (NDCs) to allow for higher mitigation ambition and to promote sustainable development.
The Ghana climate-smart rice project will support the training of over thousands of rice farmers, covering nearly 80 per cent of Ghana’s rice production in sustainable agricultural practices, leading to significant methane emission reductions.
The intervention will also provide extra income through carbon revenue to farmers for increased resilience and improve efficiency of water use.
Source: GNA