Carbon credits play a crucial role in the fight against climate change by incentivizing businesses and countries to reduce their greenhouse gas emissions. By putting a monetary value on emissions, carbon credits create a market-driven approach to environmental responsibility and sustainable practices. This mechanism not only supports climate change adaptation and mitigation projects on a global scale, but also promotes international cooperation. Recognizing this importance, Ghana and Singapore have partnered to use blockchain technology to improve the efficiency, transparency and scalability of carbon credit trading.
Strengthening Ghana’s leadership in carbon markets in Africa
The Ghana Environmental Protection Agency (EPA) has finalized a partnership to integrate the Ghana Carbon Register (GCR) into a blockchain-driven Internationally Transferred Mitigation Outcomes (ITMO) network. This builds on a prior agreement to enable digital trade and ITMO settlement between the two countries.
Under Article 6.2 of the Paris Agreement, ITMOs serve as a carbon credit mechanism to incentivize climate-related initiatives and contribute to the mitigation of global climate change. These credits can be traded across borders, providing a way to finance projects focused on climate change adaptation and mitigation.
The operationalization of ITMOs strengthens Ghana’s position as a major player in Africa’s carbon markets. At the same time, the agreement with Singaporean company ZERO13 strengthens the latter’s status as a hub for carbon credit trading in Southeast Asia. The Executive Director of the Ghana EPA, John Kingsley Krugu, said:
Through the collective efforts of the EPA and other organizations, Ghana has demonstrated its capacity to lead and actualize activities related to Article 6.2 of the ITMO under its cooperative agreement with Singapore.
This collaboration allows Singaporean companies to acquire high-quality carbon credits from Ghana-based initiatives, supporting their efforts to achieve emissions reduction targets. Hirander Misra, CEO of Zero13, welcomed the partnership with GCR, noting that it illustrates the important role technology plays in promoting effective climate action.
The partnership between Ghana and Singapore serves as a model for international cooperation on carbon markets and climate initiatives. Although ITMOs offer an innovative approach to fostering international climate cooperation, they come with challenges such as risks of double counting, inconsistencies in methodologies, market fluctuations and price uncertainty. To address these issues, nations must work together to develop strong governance structures, transparent accounting systems, and robust audit processes.
Ghana leverages blockchain for carbon credit trading:
– Bonybean (@bonybean) November 15, 2024
Global Adoption of Blockchain Technology for Carbon Credit Trading
Besides Ghana and Singapore, several other countries have adopted blockchain technology to advance their carbon credit trading systems. For example, China has implemented blockchain-based platforms to improve transparency and accountability in its national carbon market, which is the largest in the world. Chile has explored blockchain solutions to track and verify carbon offsets for renewable energy projects, building trust and reducing transaction costs. India has partnered with various technology companies to develop blockchain-based solutions that facilitate carbon trading and support environmental initiatives. Additionally, Canada has leveraged blockchain to optimize the tracking and trading of carbon credits as part of its emissions reduction projects. By integrating blockchain technology, these countries aim to improve the transparency, efficiency and accuracy of the global carbon credit market while promoting international climate cooperation.
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