Ghana has received a $3 million grant from the World Bank to help local communities threatened by climate change.
The grant, which was granted by the multilateral bank for Ghana as an additional benefit for reducing emissions in the forestry industry, is known as Enhancing Access to Benefits by Lowering Emissions (EnABLE).
At a forum yesterday at Ghana’s pavilion at the ongoing 27th United Nations Conference on Climate Change (COP27), President Nana Addo Dankwa Akufo-Addo announced that the nation had reduced emissions by 972,456 tonnes of carbon dioxide equivalent (tCO2e) as a result of the Cocoa Forest REDD+ (Reducing Emissions from Deforestation and Forest Degradation plus) program.
At the forum, which also included several COP27 delegates and development partners, were the ministries of Environment, Science, Technology and Innovation (MESTI), Dr. Kwaku Afriyie; Lands and Natural Resources, Samuel Abu Jinapor; and Energy, Dr. Mathew Opoku-Prempeh.
The unprecedented achievement of lowering emissions in the forestry industry, according to President Akufo-Addo, resulted in a result-based carbon payment of roughly $4.9 million.
According to the program’s extensive and inclusive benefits sharing structure, 69% of this payment goes directly to the local communities, free from any outside intervention.
He said that these various levels of success have positioned the nation at the fore of committed action and nature-based remedies to address deforestation and forest degradation.
“These achievements have been chalked up through the immense support of various stakeholders, particularly donors and international partners, such as the World Bank and the United Nations Development Programme (UNDP),” he said.
The President also noted that the REDD+ program’s implementation strategy was multi-sectoral and integrated, helping to solve important challenges in the mining, agricultural, labor, and forestry sectors.
He claimed that additional forestry-related initiatives, such as the Voluntary Partnership Agreement with the European Union, the Ghana Landscape Restoration and Small-Scale Mining Project, and the Cocoa and Forests Initiative (CFI), were all in various stages of implementation to support the emission reduction goals.
“We are also aiming to acquire a binding emission reduction purchase agreement with Lowering Emissions by Accelerating Forest Finance (LEAP) coalition to support our forest-based climate measures,” he said. “Pursuant to a letter of intent reached last year at the COP26.