Carbon credits play an important role in combating climate change by encouraging companies and countries to reduce greenhouse gas emissions. By placing a monetary value on emissions, carbon credits create a market-driven approach to environmental responsibility and sustainable practices. This mechanism not only supports climate adaptation and mitigation projects globally, but also promotes international cooperation. Recognizing this importance, Ghana and Singapore have collaborated to leverage blockchain technology to improve the efficiency, transparency, and scalability of carbon emissions trading.
Strengthens Ghana’s leadership in African carbon markets
Ghana’s Environmental Protection Agency (EPA) has finalized a partnership to integrate the Ghana Carbon Registry (GCR) into the blockchain-based Internationally Transferable Mitigation Outcomes (ITMO) network. This builds on prior agreements to enable ITMO digital trade and payments between the two countries.
In accordance with Article 6.2 of the Paris Agreement, ITMO serves as a carbon credit mechanism to promote climate-related initiatives and contribute to global climate change mitigation. These credits can be exchanged across borders and provide a means of financing projects focused on climate adaptation and mitigation.
The operationalization of ITMO strengthens Ghana’s position as a leader in African carbon markets. At the same time, Singapore’s agreement with ZERO13 strengthens its position as a central hub for carbon emissions trading in Southeast Asia. John Kingsley Krugu, Executive Director, Ghana EPA, said:
Through the joint efforts of EPA and other organizations, Ghana has demonstrated the capacity to lead and implement ITMO Article 6(2) related activities as part of the Cooperation Agreement with Singapore.
This collaboration will enable Singapore companies to secure high-quality carbon credits from Ghana-based initiatives to support their efforts to achieve their emissions reduction targets. Zero13 CEO Hirander Misra praised the partnership with GCR, emphasizing that it demonstrates 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. ITMOs offer an innovative approach to fostering international climate cooperation, but they face challenges such as double counting risks, methodological inconsistencies, market volatility, and pricing uncertainty. To address these challenges, countries must work together to develop strong governance structures, transparent accounting systems and robust verification processes.
Ghana uses blockchain for carbon emissions trading: https://t.co/NSpYRzddpe
— Bonnie Bean (@bonybean) November 15, 2024
Global adoption of blockchain technology for carbon emissions trading
Besides Ghana and Singapore, several other countries have adopted blockchain technology to advance their carbon emissions trading systems. For example, China has implemented a blockchain-based platform to improve transparency and accountability in its carbon market, the world’s largest. Chile explored blockchain solutions to track and verify carbon offsets of renewable energy projects to strengthen trust and reduce transaction costs. India has partnered with various technology companies to develop blockchain-based solutions to facilitate carbon trading and support environmental initiatives. Canada has also leveraged blockchain to optimize carbon credit tracking and trading within emissions reduction projects. By integrating blockchain technology, these countries aim to improve the transparency, efficiency and accuracy of the global carbon credits market while fostering international climate cooperation.
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