Ghana is working on new legislation to regulate the production of carbon credits at sites in the country. The announcement was made by the Lands and Natural Resources Minister Samuel Jinapor.
Details
The announcement follows after other countries including Zimbabwe and Kenya, have implemented laws to ensure that both the government and local communities get a greater share of benefits from the production of offsets.
What They’re Saying
“We need a proper framework, legislation policy to regulate the carbon market of Ghana,” Jinapor said in an interview in Nairobi, Kenya’s capital, on the sidelines of the summit.
“We are in the process of doing so.”
The Bigger Picture
A single carbon credit represents a ton of climate-warming carbon dioxide or its equivalent removed from the atmosphere or prevented from entering it in the first place. They are bought by emitters of greenhouse gases to offset their activities.
The market is currently worth $2 billion a year and Bloomberg BNEF has forecast it may reach $1 trillion within 15 years.
Source: Bloomberg
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