The Ministry of Environment, Science and Technology and the Environmental Protection Agency (MESTI/EPA) have developed a market framework document to guide engagement in the carbon market to address climate change issues.
The framework will reduce greenhouse gas emissions by providing organizations with a financial incentive to minimize their carbon footprint or pursue low-carbon technologies.
The Minister for MESTI, Dr. Kwaku Afriyie, who disclosed this on Wednesday in Accra, said Ghana has engaged the Governments of Switzerland, Singapore, Sweden and South Korea to invest in the carbon market.
He said currently, there are over 12 projects under development such as clean cooking solution (improved cook stoves, biomass briquette projects), waste-to-compost projects (diversion and conversion of organic waste into compost to support agriculture), as well as electric bikes (replacing fossil fuel-based motorcycles used for delivery), among others.
He stated, “the Klik Foundation, based on the bilateral agreement between Ghana and Switzerland under Article 6.2 of the Paris Agreement, is seeking to invest over 500 million US Dollars.”
Dr. Afriyie added that the carbon market offers significant opportunities for green business ideas and investments in Ghana.
“Businesses in Ghana are encouraged to leverage on this market and the attention it has created to contribute to sustainable development and climate change mitigation,” he added.
Joyce Adwoa Animia Ocran, ISD