President Akufo-Addo has divulged that Ghana has made about $800 million through carbon credit trading with other countries.
Carbon credits are incentives paid by corporations to entities that reduce the emission of greenhouse gases. These inducements are paid to make up for the gases emitted by industries.
Delivering a speech at the opening ceremony of the 29th Conference of Parties (COP29) in Baku, the capital town of Azerbaijan, he stated that the carbon credit trade was particularly with some European countries including, Sweden and Switzerland through their carbon markets.
“Through article 6 of the Paris Agreement, Ghana has mobilized $800 million by trading carbon credits with nations like Switzerland and Sweden,” President Akufo-Addo stated.
President Akufo-Addo also declared that Ghana has some aims to decrease its carbon release by 64 million metric tonnes of carbon dioxide equivalent (MtCO2e) by 2030.
He added that Ghana had implemented 13 modifying actions which had cut down its annual green¬house gas emissions by 43 percent since 2021, despite its financial and technical problems.
The President vowed that his government would keep taking measures to protect the environment, saying that climate change is affecting farmers, coastlines, and communities.
He therefore advised other country leaders not to go back on their promises to provide finances for maintaining development on the African continent. To contribute less to global emissions that have been badly affected by climate change.
Source: Ghana/Starrfm.com.gh/103.5FM/Jasmine Adjei Anyetei
