Ghana is one of the first countries in Africa to establish a national framework for participating in the international carbon market under Article 6 of the Paris Agreement.
The carbon market is a mechanism that allows countries and entities to trade emissions reductions or removals, also known as carbon credits, to achieve their climate goals in a cost-effective way.
The Ghana Carbon Market Office (CMO) was launched in 2022 as a secretariat to provide administrative and technical services to the public and private sectors, as well as global partners, who are interested in developing or investing in mitigation activities in Ghana.
The CMO is hosted by the Environmental Protection Agency (EPA) and operates under the oversight of the Ministry of Environment, Science, Technology, and Innovation (MESTI).
The CMO Services
The CMO aims to become a trusted regional hub for transacting credible carbon assets that contribute to Ghana’s sustainable development. The CMO offers a range of services, such as:
Sourcing and matchmaking
The CMO helps identify potential mitigation activities that align with Ghana’s Nationally Determined Contribution (NDC) and other national policies and priorities. The CMO also facilitates the connection between project developers and investors or buyers of carbon credits.
Activity development
The CMO provides guidance and support on the methods and standards for measuring, reporting, and verifying (MRV) emissions reductions or removals from mitigation activities. The CMO also assists with the registration and issuance of carbon credits through its online registry system.
Registry and transactions
The CMO operates a secure and transparent registry system that tracks the creation, transfer, and retirement of carbon credits. The CMO also ensures that the transactions comply with the rules and guidance on accounting, reporting, and corresponding adjustments under Article 6.
Knowledge and capacity development
The CMO conducts training and awareness-raising activities for various stakeholders on the opportunities and benefits of participating in the carbon market. The CMO also disseminates best practices and lessons learned from its experience and partnerships.
Legal and grievance redress mechanism
The CMO provides legal advice and support on contractual and regulatory issues related to the carbon market. The CMO also establishes a grievance redress mechanism to address any complaints or disputes that may arise from the implementation of mitigation activities.
The CMO works closely with various partners, such as government agencies, private sector associations, civil society organizations, research institutions, development partners, and international organizations, to ensure that Ghana’s carbon market is inclusive, transparent, and effective.
Ghana’s carbon market offers a unique opportunity for businesses, governments, and global partners to collaborate on innovative solutions that reduce greenhouse gas emissions while enhancing economic growth, social welfare, and environmental protection.
Catch up on news and other tidbits on our WhatsApp Community Page, Twitter/X, and subscribe to our weekly newsletter to ensure you don’t miss out on any news.
Support Tech Labari
Tech Labari currently relies on bootstrapping, ads, and sponsored content to publish news stories and articles to our thousands of readers in Africa and the world.
Financial contributions from our readers are a critical part of supporting our resource-intensive work and help us keep our site free for all.
Any contribution to Tech Labari would help to keep the site running
Ghana’s initiative to establish a national carbon market and the Carbon Market Office (CMO) is a commendable step towards achieving sustainable development and addressing climate change. The implementation of a carbon market can offer several benefits, both for the country involved and for the global effort to mitigate greenhouse gas emissions.