President Nana Addo Dankwa Akufo-Addo has approved Ghana’s updated Nationally Determined Contributions (NDCs), submitted to the UNFCCC Secretariat as part of the ongoing negotiations in Glasgow, Scotland.
The NDCs have some 47 adaptation and mitigation measures on climate change and embodies efforts by countries to reduce national emissions and adapt to the impacts of climate change.
They are in line with Article Four of the Paris Agreement and UN Framework Convention on Climate Change (UNFCCC).
Dr Henry Kwabena Kokofu, the Executive Director of the Environmental Protection Agency (EPA), announced this at the on-going COP26 in Glasgow after signing a Memorandum of Understanding (MoU) with Mercuria Energy Trading to collaborate on the development of emissions reduction projects in Ghana.
Mr Laoye Abiola, the Managing Director of Africa at Mercuria, signed on behalf of the company.
The MoU is seeking to operationalise Article Six on the Carbon Market of the Paris Agreement in Ghana and facilitate the ambitions set out in the Cooperation Agreement between the Swiss Confederation and Ghana.
The partnership would help build capabilities of local businesses to invest and implement greenhouse gas emissions reduction projects in sectors including alternative waste management, oil and gas, transportation, and sustainable household energy.
Another partnership agreement for climate cooperation under the Paris Agreement was signed between Ghana and Sweden.
Dr Kokofu said the country was bound to implement the adaptation and mitigation measures to help keep the temperature at 1.5 degrees.
The operationalisation of the MoU and its implementation would contribute to the goals of the country’s NDCs. Ghana, already facing the impact of climate change, requires between US $9.3 and US $15.5 billion of investment to implement climate interventions from 2020 to 2030 to build resilience for the protection of vulnerable communities and ecosystems.
Dr Kokofu said US $3.9 billion would be required to implement the 16 unconditional programmes of action till the year 2030.
The remaining US $5.4 billion for the 31 conditional programmes of action would be mobilised from the public, international, and private sector sources and carbon markets.
Ghana would need an additional US $3 million biennially to support coordination actions and the regular international reporting of the NDCs.
The interim NDCs are seeking to advance climate-responsive food production systems, lowering deforestation and landscape restoration.
It will also scale up renewable energy and sustainable energy transition, promote clean electric mobility, and mobilise investments into climate actions. The Minister explained that the 19 policy actions, which translated into 13 adaptation and 34 mitigation programmes of action, would generate absolute greenhouse gas emission reductions of 64 million tonnes of carbon dioxide-equivalent (MtCO).
Mr Abiola, on his part, said his company recognised the investment opportunities through promoting the sustainable transition to a low carbon future by green business, creation of green jobs, technology transfer, and sustainable development benefits in the emerging carbon markets.
He said the company would work with Ghana to increase local capabilities in emissions reduction project implementation.
This story was originally published by Ghana News Agency on October 25, 2021. It was produced as part of the 2021 Climate Change Media Partnership, a journalism fellowship organised by Internews’ Earth Journalism Network and the Stanley Centre for Peace and Security.