Over the past few years, intense media scrutiny has prompted a growing number of companies to acquire high-quality carbon credits. To avoid accusations of “greenwashing,” many of these firms have been actively seeking credits that deliver tangible benefits to local communities, instead of merely offsetting their emissions.
Ghana is ready to help. It has devoted more than 15 years to developing a robust forest conservation program. After extensive planning and preparation, Ghana is ready to offer high-integrity credits to buyers in the “Global North” who are eager to show their commitment to fighting deforestation.
Several forest protection schemes have come under fire in recent years. Critics argue that corporations are seeking carbon credits not to reduce deforestation, but to meet their climate targets and validate their claims of carbon neutrality.
However, jurisdictional programs like Ghana’s are different. These initiatives are designed to reduce emissions from deforestation and forest degradation, covering vast areas while addressing some of the problems faced by individual projects. For example, they mitigate the risk of illegal deforestation outside of designated conservation zones.
This concept is not new. Article 5 of the 2015 Paris Agreement on climate change encourages developed countries to offer results-based payments to developing countries that achieve emission reduction targets. Over the past two decades, jurisdictional forest protection efforts have been largely funded by public donors, while corporate support has flowed toward specific emission reduction projects through the voluntary carbon market. However, this is changing and countries like Ghana are leading the way.
Ghana’s high forest zone, located within the Guinean Forests of West Africa, is recognized as one of the world’s 36 biodiversity hotspots. In 2008, an alarming increase in deforestation rates prompted Ghana’s government to join the Forest Carbon Partnership Facility (FCPF) and develop its forest conservation program, with the goal of harnessing carbon finance to halt and reverse deforestation.
Five critical commodity-linked areas for intervention were identified — with the financial support of the FCPF, the World Bank and the Green Climate Fund — and benefit-sharing strategies tailored to the diverse needs of stakeholders were devised. Specialized measurement technologies were also developed, enabling more accurate monitoring of the carbon in Ghana’s forests.
After spending nearly two decades laying the necessary technical groundwork and establishing relationships with local communities, Ghana recently entered the voluntary carbon market. It is preparing to issue jurisdictional carbon credits through the Architecture for REDD+ Transactions, thereby enabling domestic and international companies to support conservation efforts.
Ghana’s objective is to transform carbon credits into a long-term revenue steam. To this end, it recently became one of the first countries to sign an emission reduction agreement with the Lowering Emissions by Accelerating Forest Finance (LEAF) Coalition and is set to receive US$50 million for reducing carbon dioxide emissions by up to 5 million tonnes.
While buyers in the Global North might view carbon credits as instrumental in meeting their climate targets, they represent a more profound shift in Ghana. The revenue generated from these credits turns into tangible income for local communities, allowing households to financially benefit from forest preservation. These credits are more than a financial resource; they are a testament to years of hard work and commitment to environmental stewardship.
For this program to be effective, buyers must recognize that integrity and impact require substantial investment. High-quality credits should do more than bolster corporate climate strategies. They should also contribute to the preservation of the world’s forests.
In essence, this means providing communities with financial incentives to conserve trees instead of cutting them down. The LEAF agreement, which values carbon dioxide emissions at US$10 per tonne, is a good first step. However, it is not enough, because returns on illegal deforestation are higher.
Given that carbon pricing appears to have been designed by and for those on the demand side, Global North buyers should consult countries like Ghana to understand the true cost of producing high-integrity credits. Prices should account for the necessary preparatory work and, crucially, exceed the rates paid to illegal loggers and miners.
Carbon credits are not like aid funds, which are distributed by countries according to their own assessments of what they can or should give. Rather, they are payments for emission reductions that countries like Ghana have worked hard to achieve — and that are crucial to limiting global warming to 1.5°C.
Potential buyers should visit Ghana and see the challenges humans must face in fighting deforestation. After, they can discuss pricing that reflects the real value of Ghana’s accomplishments.
Roselyn Fosuah Adjei is climate change director at Ghana’s Forestry Commission and National REDD+ Focal Point for Ghana.
Copyright: Project Syndicate
US political scientist Francis Fukuyama, during an interview with the UK’s Times Radio, reacted to US President Donald Trump’s overturning of decades of US foreign policy by saying that “the chance for serious instability is very great.” That is something of an understatement. Fukuyama said that Trump’s apparent moves to expand US territory and that he “seems to be actively siding with” authoritarian states is concerning, not just for Europe, but also for Taiwan. He said that “if I were China I would see this as a golden opportunity” to annex Taiwan, and that every European country needs to think
Why is Chinese President Xi Jinping (習近平) not a “happy camper” these days regarding Taiwan? Taiwanese have not become more “CCP friendly” in response to the Chinese Communist Party’s (CCP) use of spies and graft by the United Front Work Department, intimidation conducted by the People’s Liberation Army (PLA) and the Armed Police/Coast Guard, and endless subversive political warfare measures, including cyber-attacks, economic coercion, and diplomatic isolation. The percentage of Taiwanese that prefer the status quo or prefer moving towards independence continues to rise — 76 percent as of December last year. According to National Chengchi University (NCCU) polling, the Taiwanese
Today is Feb. 28, a day that Taiwan associates with two tragic historical memories. The 228 Incident, which started on Feb. 28, 1947, began from protests sparked by a cigarette seizure that took place the day before in front of the Tianma Tea House in Taipei’s Datong District (大同). It turned into a mass movement that spread across Taiwan. Local gentry asked then-governor general Chen Yi (陳儀) to intervene, but he received contradictory orders. In early March, after Chiang Kai-shek (蔣介石) dispatched troops to Keelung, a nationwide massacre took place and lasted until May 16, during which many important intellectuals
US President Donald Trump’s return to the White House has brought renewed scrutiny to the Taiwan-US semiconductor relationship with his claim that Taiwan “stole” the US chip business and threats of 100 percent tariffs on foreign-made processors. For Taiwanese and industry leaders, understanding those developments in their full context is crucial while maintaining a clear vision of Taiwan’s role in the global technology ecosystem. The assertion that Taiwan “stole” the US’ semiconductor industry fundamentally misunderstands the evolution of global technology manufacturing. Over the past four decades, Taiwan’s semiconductor industry, led by Taiwan Semiconductor Manufacturing Co (TSMC), has grown through legitimate means
RSS