Accra, Ghana and Singapore, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Ghana has announced a major step forward under its agreement with Singapore on carbon markets by operationalising the digital trading and settlement of Internationally Transferred Mitigation Outcomes (ITMOs) under Article 6.2 of the Paris Agreement.
This development follows the May 2024 Implementation Agreement between the two countries, and marks a pivotal milestone, as Ghana strengthens its leadership in African carbon markets, while Singapore continues to establish itself as a global hub for carbon credit trading.
The Environmental Protection Agency (EPA) in Ghana has signed up with ZERO13 to connect its national Ghana Carbon Registry (GCR) to the blockchain based Global ITMO Trading Hub and Settlement Network in Singapore. ZERO13 has established a Singapore entity, ZERO13 Trading Pte. Ltd to host the platform and appointed Lincoln Teo as Managing Director.
Dr. John Kingsley Krugu, Executive Director of the Environmental Protection Agency (EPA) in Ghana commented, “With the work EPA and other bodies in Ghana have been doing, the country has shown it can be a pioneer in making Article 6.2 related ITMO activity a reality under its implementation agreement with Singapore. He added, “We are delighted that ZERO13 is working with us to make this operational with its ITMO Trading Hub connecting to Ghana Carbon Registry.”
The first projects to be activated via this digital infrastructure are Ghana’s Article 6.2 related ITMO Projects. Generating ITMOs for trade will connect Ghana’s environmental activities to global markets. These projects focus on multiple sectors, including sustainable land use through agroforestry, furthering Ghana's commitment to mitigating climate change.
This partnership enables Singaporean companies to access high-quality carbon credits from Ghanaian projects helping to meet their emissions reduction targets while supporting economic and environmental well-being of Ghanaian communities’.
The Ghana Carbon Registry will be fully internationalised, with support from ZERO13’s blockchain-enabled platform. This transformation ensures that carbon credits are securely issued, tracked, traded and settled, focussing on transparency and efficiency. Additionally, the platform will facilitate auctions for Ghanaian carbon credits. The auction mechanism will provide access to global buyers and ensure competitive pricing, maximising the value of Ghana’s carbon credits.
Hirander Misra, CEO of ZERO13, commented: "We are delighted to be part of this collaboration and demonstrate how technology can play a crucial role in advancing climate action. By leveraging our blockchain enabled digital ITMO Trading Hub and settlement network, we are enabling secure and transparent carbon trading that supports national climate targets and economic growth as well as generating opportunities for local communities.”
Showcasing at COP29, the solution serves as an example of how countries can implement Article 6.2 of the Paris Agreement to build effective carbon markets. By combining Ghana’s natural resources with the sustainable finance and trading capabilities available in Singapore, the two nations are setting a precedent for international collaboration on carbon markets and climate action. These projects will not only address climate goals but also bring tangible benefits to local communities, including job creation, energy access, and environmental improvements.
-ENDS-
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About ZERO13:
ZERO13 is a cutting-edge digital carbon market ecosystem powered by blockchain technology. It provides a digital carbon trading exchange, registry, participants and services orchestration hub, enabling businesses to trade and settle carbon credits efficiently while addressing the current inefficiencies and fragmentation in carbon markets. ZERO13 is designed to foster sustainable practices and help organisations meet their environmental goals through innovative technology solutions. For more information visit the website
About GMEX Group:
GMEX Group offers a range of multi-asset exchange trading, post-trade, and digital technology solutions, designed to support sustainable markets. Through its subsidiaries, including ZERO13, GMEX Group provides hybrid centralised and distributed ledger technology for trading and post-trade services. For more information visit the website
About the Environmental Protection Agency:
Environmental Protection Agency (EPA) is the lead public body mandated by the law of Ghana, EPA Act, 1994 (Act 490) to manage, co-ordinate and protect the environment of Ghana. The Climate Change Department of the Agency, which is the focal point or body of UNFCCC sit at the EPA of Ghana. The Agency guide development to prevent, reduce, and as far as possible, eliminate pollution, emissions and actions that lower the quality of life. Create awareness to mainstream environment or climate change into the development process at the national, regional, district and community levels. Ensure that the implementation of environmental policy and planning including climate change issues are integrated and consistent with the country’s desire for effective, long-term maintenance of environment. For more information visit the website
