Ghana has made a significant stride in environmental conservation and sustainable development by signing an Emission Reductions Payment Agreement (ERPA) with Emergent Forest Finance Accelerator (Emergent), an entity linked to the Lowering Emissions by Accelerating Forest Finance (LEAF) Coalition. Spearheaded by the Forestry Commission under the Ministry of Lands and Natural Resources, this groundbreaking agreement is poised to bring transformational benefits to Ghana's environmental efforts.
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The ERPA entails potential payment of up to US$50 million for mitigating up to five million tonnes of carbon dioxide equivalent, at a unit price of US$10 per tonne of carbon dioxide equivalent. This landmark agreement, signed on December 1, 2023, during the twenty-eighth session of the United Nations Framework Convention on Climate Change (UNFCCC), positions Ghana as the first country globally to ink an ERPA under the LEAF Coalition, highlighting the nation's pioneering role in fostering sustainable environmental practices.
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Moreover, Costa Rica also entered into a similar agreement with Emergent, with an estimated worth of US$14 million, solidifying the unique position occupied by Ghana and Costa Rica as trailblazers in reinforcing sustainable forestry and climate action on the international stage.
The LEAF Coalition, initiated in April 2021 by the governments of the United Kingdom, the United States, Norway, and several leading global companies, operates as a voluntary global alliance. It seeks to unite governments and corporations in securing finances dedicated to tropical and subtropical forest conservation, aligning with the imperative of addressing climate change. The coalition's overarching ambition involves elevating global climate ambition, endeavoring to halt deforestation and forest degradation in tropical and subtropical regions by 2030, while advocating for significant and foreseeable performance-based financial support to empower forest jurisdictions in their initiatives for reduced deforestation and sustainable rural development.
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Within the framework of LEAF's call for proposals, Ghana, Nepal, and Ecuador distinguished themselves as the premier countries to sign a Letter of Intent with the coalition. Minister of Lands and Natural Resources, Samuel A. Jinapor, represented Ghana during the signing of the Letter of Intent at COP26 in Glasgow, United Kingdom. Subsequently, a dedicated committee, chaired by Deputy Minister Benito Owusu-Bio, was formed to facilitate the attainment of a binding ERPA. Notably, Ghana's committed negotiations and collaborative efforts with the Forestry Commission culminated in the nation securing the first binding ERPA, a significant achievement that stands as a testament to Ghana's unwavering dedication to environmental sustainability.
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Minister Samuel A. Jinapor emphasized the paramount importance of forest and nature-based solutions in countering climate change, stressing the critical need for enhanced efforts in delivering these solutions. The newly established ERPA is set to complement existing initiatives such as the Green Ghana Project, the Ghana Forest Plantation Strategy, and the Ghana REDD+ Strategy, thereby fortifying Ghana's environmental stewardship. With a track record of receiving result-based payments exceeding US$4.8 million under the Ghana Cocoa REDD+ Programme and executing the Ghana Shea Landscape Restoration Programme supported by the Green Climate Fund, Ghana's environmental endeavors are poised for further expansion beyond its Carbon Fund area.
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