In a landmark event attended by distinguished delegation from Ghana led by the President of the Republic of Ghana, H. E. Nana Addo Dankwa Akuffo-Addo, the Swiss Government has signed an authorisation document conferring the Internationally Transferred Mitigation Outcome (ITMO) credit on the Integrated Waste Recycling and Compost Facilities of the Jospong Group of Companies.
This significant moment unfolded amid the ongoing COP28 in Dubai, symbolizing the company's unwavering commitment to global sustainability objectives. The signing ceremony featured the representation of the Ministry of Environment, Science, Technology, and Innovation (MESTI), the Ministry of Lands and Natural Resources, and the Ministry of Water and Sanitation, each represented by their respective sector ministers, as well as the representative of UNDP from Ghana.
The granted ITMO status encompasses four out of the 38 waste treatment plants belonging to Zoomlion Ghana a subsidiary of JGC, which were selected for the initial phase of the project aiming to generate approximately 1.5 million tons of carbon dioxide valued at US $20 million from the present until 2030.
ITMO operates within the carbon emissions trading framework, allowing countries to acquire or trade carbon credits internationally. This mechanism not only facilitates the creation of new carbon markets but also contributes to significant global greenhouse gas emissions reductions and are defined under Article 6 of the Paris Agreement.
According to the Minister of Environment, Science, Technology and Innovation (MESTI), Dr. Kwaku Afriyie, Ghana was the first country in Africa and the second in the world to have finalized its framework on Article 6.
"Now we are at the forefront and we are reaping the benefits," he remarked.
He noted that "If climate change mitigation and adaptation is to happen, the real provider of capital should be the private sector with government enabling them".
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