(Bloomberg) — Ghana is working on legislation to regulate the production of carbon credits at sites in the country, Lands and Natural Resources Minister Samuel Jinapor said.
Most read from Bloomberg
This move follows steps taken by others on the continent, from Zimbabwe to Kenya, to implement laws to ensure that both government and local communities receive a greater share of the benefits from offset production, with the Most of the money earned so far from offset production has flowed. to land. The African Union committed in a statement at the first African Climate Summit to “implementing a mix of measures that increase Africa’s share of carbon markets.”
“We need a proper framework and legislative policy to regulate Ghana’s carbon market,” Jinapor said in an interview in Nairobi, Kenya’s capital, on the sidelines of the summit. “We are working on that.”
A single carbon credit represents one ton of climate-warming carbon dioxide or its equivalent that has been removed from the atmosphere or prevented from entering the atmosphere in the first place. They are purchased by greenhouse gas emitters to offset their activities. The market is currently worth $2 billion a year and Bloomberg BNEF has predicted that it could reach $1 trillion within 15 years.
Most read from Bloomberg Businessweek
©2023 Bloomberg LP
