As part of its efforts to combat climate change, Ghana anticipates receiving up to $850 million in direct investment, carbon revenues, and levies from Switzerland by 2030.
Eight of the twelve projects being developed under a contract with Switzerland that have reached the investment decision step are due.
Ghana is leading the way in combating the effects of climate change and its related challenges, according to Dr. Kwaku Afriyie, Minister of Environment, Science, Technology, and Innovation. He made this revelation last Friday at the opening of the 2023 annual report on the implementation of Article 6.2 of the Paris Agreement in Accra.
He clarified that via the Carbon Market Office (CMO), the government was carrying out a number of programs with other nations and development partners in order to raise money to finance climate-smart efforts across industries. Additionally, it’s anticipated to generate at least 7,000 green jobs.
“Ghana is participating in five bilateral cooperative government-to-government (G2G) initiatives.
Switzerland, Sweden, Singapore, South Korea, Liechtenstein, and Ghana are among the participating parties, with the latter serving as the host nation,” Dr. Afriyie continued.
2015 saw the adoption of the Paris Agreement, a worldwide agreement committing nations to cooperate in lowering greenhouse gas (GHG) emissions and containing global warming.
For example, countries may freely collaborate with one another to meet the emission reduction objectives outlined in their Nationally Determined Contributions (NDCs) under Article 6 of the agreement.
The report provides an overview of Article 6’s implementation in the nation, addressing policy and legislation, project development, capacity building, and investment trends.
It also outlines significant accomplishments, developments, and goals through 2024.
As per the research, there are 35 projects headed by private firms and individual entities in the CMO project pipeline for 2023.
According to Dr. Afriyie, the nation submitted its revised NDCs to the UN Climate Secretariat in October 2021. These NDCs encompassed 19 policy areas and translated into 47 action plans for mitigation and adaptation.
He continued by saying that the estimated cost of the investment needed over a ten-year period to execute the updated NDCs was between $9.3 billion and $15.5 billion.
