The Ghanaian government has signed a historic Emissions Reductions Purchase Agreement (ERPA) with Tullow Oil Plc, marking a significant milestone in the country's efforts to address deforestation and forest degradation. Under the project, over two million hectares of land across 14 districts in the Bono and Bono East regions will be utilized for planting various trees and implementing innovative carbon credit solutions.
The initiative aims to enhance forest cover, reduce carbon footprints, and enable Ghana to qualify for carbon credits payments. This partnership will promote sustainable land use and forest conservation, generate revenue for local communities, and support Ghana’s climate change mitigation efforts.
The agreement, signed by the Ministry of Lands and Natural Resources and the Forestry Commission with Tullow Oil, was launched at a ceremony in Accra. This event underscores Ghana's commitment to sustainable development and environmental stewardship.
Samuel A. Jinapor, the Minister of Lands and Natural Resources, emphasized that the ERPA represents a significant milestone in combating deforestation while fostering sustainable development. He highlighted the importance of direct government and private sector engagement in accelerating climate finance.
“Undoubtedly, the ERPA we have signed with Tullow Oil Plc also represents a key voluntary carbon market transaction, promoting direct government and private sector engagement to accelerate the speed of delivery of ambition and climate finance,” Jinapor stated.
The agreement sets a new benchmark for carbon pricing in the region, representing the highest price per tonne of carbon for any direct sale of forest carbon transaction in West Africa. This reflects the confidence in compensating for the efforts required to generate a tonne of carbon.
Jinapor hailed the agreement as a “bold and ambitious” initiative that demonstrates Ghana's leadership in addressing the global challenge of climate change. He noted that the ERPA is part of Ghana's broader efforts to promote sustainable forest management and reduce deforestation.
The Director for People and Sustainability at Tullow, Julia Ross, highlighted the company's commitment to achieving its net-zero ambition by 2030. She mentioned that the ERPA includes a financial investment of $90 million over ten years, impacting around one million lives and delivering up to a million tonnes of carbon offset credits annually.
Ross praised the collaboration with Ghana’s Forestry Commission, which has provided valuable knowledge and experience in developing the REDD+ programme. This initiative will preserve large forest areas in the Bono and Bono East regions, heavily affected by deforestation due to economic activities such as cash crop clearance and overgrazing.
British High Commissioner Harriet Thompson expressed pride in Ghana's dedication to curtailing forest degradation and mitigating climate change. She commended the teams at Tullow and the Forestry Commission, encouraging other organizations to follow their example.
The Chief Executive of the Forestry Commission, John Allotey, indicated that the project would span a decade, positioning the Forestry Commission as a major source of approved and reliable carbon credit.
This agreement signifies a major step forward in Ghana's commitment to environmental conservation, setting a precedent for future initiatives in sustainable development and climate change mitigation.
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