Carbon credit play an important position in combating local weather change by incentivizing companies and international locations to scale back greenhouse fuel emissions. By inserting a financial worth on emissions, carbon credit create a market-driven strategy to environmental accountability and sustainable practices. This mechanism not solely helps local weather adaptation and mitigation tasks globally but additionally fosters worldwide cooperation. Recognizing this significance, Ghana and Singapore have teamed as much as make the most of blockchain expertise in enhancing the effectivity, transparency, and scalability of carbon credit score buying and selling.
Strengthening Ghana’s Management in Africa’s Carbon Markets
The Environmental Safety Company (EPA) of Ghana has finalized a partnership to include the Ghana Carbon Registry (GCR) right into a blockchain-driven Internationally Transferred Mitigation Outcomes (ITMO) community. This builds upon a previous association geared toward enabling the digital commerce and settlement of ITMOs between each nations.
Underneath Article 6.2 of the Paris Settlement, ITMOs function a carbon credit score mechanism to encourage climate-related initiatives and contribute to international local weather change mitigation. These credit could be exchanged throughout borders, offering a way of financing tasks centered on local weather adaptation and mitigation.
The operationalization of ITMOs enhances Ghana’s standing as a number one participant in Africa’s carbon markets. Concurrently, the settlement with Singapore’s ZERO13 reinforces the latter’s standing as a central hub for carbon credit score buying and selling in Southeast Asia. Govt Director of Ghana’s EPA, John Kingsley Krugu, famous:
By the collective efforts of the EPA and different organizations, Ghana has demonstrated its functionality to steer and actualize Article 6.2 ITMO-related actions as a part of its cooperative settlement with Singapore.
This collaboration permits Singaporean corporations to amass high-quality carbon credit from Ghana-based initiatives, supporting their efforts to fulfill emissions discount targets. Zero13 CEO Hirander Misra counseled the partnership with GCR, emphasizing that it illustrates the numerous position expertise performs in selling efficient local weather motion.
The partnership between Ghana and Singapore serves as a mannequin for worldwide cooperation on carbon markets and local weather initiatives. Whereas ITMOs provide an revolutionary strategy for fostering worldwide local weather cooperation, they arrive with challenges reminiscent of dangers of double counting, inconsistencies in methodologies, market fluctuations, and uncertainty in pricing. To deal with these points, nations should collaborate on creating sturdy governance buildings, clear accounting methods, and strong verification processes.
Ghana Leverages Blockchain for Carbon Credit score Commerce: https://t.co/NSpYRzddpe
— Bony Bean (@bonybean) November 15, 2024
International Adoption of Blockchain Expertise for Carbon Credit score Buying and selling
Along with Ghana and Singapore, a number of different international locations have embraced blockchain expertise to advance their carbon credit score buying and selling methods. As an illustration, China has carried out blockchain-based platforms to enhance transparency and accountability in its nationwide carbon market, which is the world’s largest. Chile has explored blockchain options to trace and confirm carbon offsets for renewable vitality tasks, enhancing belief and lowering transaction prices. India has partnered with numerous tech firms to develop blockchain-driven options that facilitate carbon buying and selling and help environmental initiatives. Furthermore, Canada has leveraged blockchain to optimize carbon credit score monitoring and buying and selling inside its emission discount tasks. By integrating blockchain expertise, these nations purpose to boost transparency, effectivity, and accuracy within the international carbon credit score market whereas fostering worldwide local weather cooperation.
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