President Akufo-Addo has disclosed that Ghana has mobilised $800 million through carbon credit trading with other countries in a move to reduce global carbon emissions.
Speaking at the opening of the 29th Conference of Parties (COP29) in Baku, Azerbaijan, the president indicated that the country traded with foreign countries including Sweden and Switzerland through the carbon markets.
He said through article 6 of the Paris Agreement, Ghana has mobilised $800 million by trading carbon credits with nations like Switzerland and Sweden.
According to him, Carbon credits are incentives paid by companies or individuals to entities that remove or reduce greenhouse gas emissions. The monies are to compensate for the gases emitted by the companies.
President Akufo-Addo highlighted the impacts of the changing climate as he impressed upon the need to take decisive measures to safeguard the environment saying climate change is real and immediately affecting our farmers, coastlines and communities.
The President said Ghana has set a target of reducing its carbon emission by 64 million metric tonnes of carbon dioxide equivalent (MtCO2e) by 2030 demanding investment 10 and 15 billion United state dollars 13 mitigating actions which have cut down its annual greenhouse gas emissions by 43% since 2021.
Minister of Communications and Digitalisation, Hon.Ursula Owusu-Ekuful also emphasized the importance of a unified, collaborative approach to combat climate change.
Source: Akosua Sarpong, reporting from Baku, Azerbaijan
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