Local News

Ghana Signs Historic $50 Million Emission Reduction Payment Agreement under LEAF Coalition

First African Country to Secure $50 Million Emission Reduction Payment Agreement under LEAF Coalition

Ghana has achieved a historic milestone by becoming the first country globally to sign an Emission Reduction Payment Agreement (ERPA) worth $50 million under the LEAF Coalition. The agreement was signed on December 1, 2023, during the twenty-eighth session of the Conference of Parties (COP28) of the United Nations Framework Convention on Climate Change (UNFCCC). This remarkable accomplishment positions Ghana as a leader in climate action and forest conservation.

The LEAF Coalition, launched in April 2021 by the Governments of the United Kingdom, the United States, and Norway, aims to raise global climate ambition and contribute to halting tropical and subtropical deforestation and forest degradation by 2030. The coalition provides finance for forest conservation, fostering a voluntary global partnership between governments and companies.

Ghana’s Minister for Lands and Natural Resources, Hon. Samuel A. Jinapor, played a pivotal role in the signing of the agreement. The ERPA is designed to supply high-integrity jurisdictional REDD+ emission reductions and removals credit, contributing to sustainable forest management and rural development. The signing ceremony took place on the sidelines of COP28 in Dubai, UAE.

The ERPA is a testament to Ghana’s commitment to revamping its forest landscape restoration efforts with sustainability protocols. The agreement complements ongoing initiatives in Ghana, such as the Green Ghana Project, the Ghana Forest Plantation Strategy, and the Ghana REDD+ Strategy. The country has already received result-based payments exceeding $4.8 million under the Ghana Cocoa REDD+ Programme.

The Minister for Lands and Natural Resources highlighted the critical importance of forest and nature-based solutions to climate change, emphasizing the urgency for global collaboration and partnerships. The ERPA will extend climate action to areas beyond Ghana’s Carbon Fund area, contributing to the nation’s broader climate resilience efforts.

The Founder and CEO of Emergent, Mr. Eron Bloomgarden, commended Ghana for its commitment and efficiency in reaching the agreement, making it the first African country to sign such a historic accord. The United Kingdom’s Minister for Energy Security and Net Zero, Hon. Graham Stuart, and Norway’s Minister for Climate and Environment, Hon. Andreas Bjelland Eriksen, praised Ghana’s dedication to protecting natural ecosystems and encouraged increased public and private finance for forest countries.

The signing of the ERPA marks a significant step forward in Ghana’s climate leadership and underscores the global community’s collective efforts to address climate change through innovative and collaborative approaches.

Show Comments (0)

Leave a Reply

Your email address will not be published. Required fields are marked *