The Jospong Group of Companies (JGC) has signed a Memorandum of Understanding (MoU) with EKI Energy Services Limited to develop projects to attract a billion dollar from the carbon market trading in carbon credits.
The carbon credit, the tradable commodity, will be generated from JGC’s methane reduction initiatives under its waste management operations in the country.
Companies or individuals can use carbon markets to compensate for their greenhouse gas emissions (GHG) by purchasing carbon credits from entities that remove or reduce GHG.
One tradable carbon credit equals one tonne of carbon dioxide or the equivalent amount of a different greenhouse gas reduced, sequestered or avoided.
The JGC, EKI Energy Service partnership is expected to create over 1000 job opportunities by 2030 across Ghana and West Africa.
Under the terms of the agreement, EKI Energy Service will provide JGC with essential technical assistance for the successful implementation of the project.
Dr Joseph Siaw Agyepong, Chairman of JGC, who signed on behalf of his Company at a ceremony in Accra, was upbeat that the goal of the pact would be achieved giving EKI Energy’s expertise and leadership in climate change.
“With EKI Energy experience, they can hand-hold us and propel strong development in the sector,” Dr. Agyepong stated.
Mr. Manish Dabkara, the Chief Executive Officer of EKI Energy Services Limited, who signed the MoU, assured of his Company’s commitment towards providing strong technical support to attract carbon investments for JGC.
With a track record of supplying over 200 million offsets, he assured of his Company’s technical knowledge and experience to deliver on the mandate.
Dr Henry Kokofu, Executive Director of the Environmental Protection Agency (EPA), hailed the collaboration as a significant milestone that would position Ghana prominently on the global map.
“This is one of the legacies of President Akufo-Addo, who has championed private sector participation in the climate change arena,” Dr. Kokofu said.
Already JGC under the Ghana and Switzerland cooperation bilateral agreement is implementing an Integrated Waste Recycling and Composting for Methane Reduction project which would slash methane from five landfills by producing organic fertilizer for crop production.
As part of the initiative, Jospong, a waste management company, is building an integrated waste plant to sort, process and recycle Municipal solid waste in Ho, Dambai, Goaso and Sunyani municipalities.
Over 1.5 million tonnes are expected to be reduced by the year 2030, producing 13,000 metric tons of compost annually and fostering the creation of approximately 1,000 jobs.
The initiative is the first in Africa and second globally, a project under Article six of the Paris Agreement.
The two strategies, he stated, were under Article 6.3 of the Paris Agreement and Article 5.1 of the Cooperation
The agreement between the Ghana and the Swiss Confederation, signed on 23rd November 2020, aimed at authorising the International Transfer and use of Mitigation Outcomes (ITMOs).
Degradable organic materials make up the bulk of Ghana’s discarded Municipal Solid Waste (MSW), a study on the composition of MSW conducted by the Accra Metropolitan Assembly, has revealed.
About 65 per cent of the waste stream consists of organics while other materials arising from the practice of hand-sweeping sand constituted about 17.1 per cent of the waste stream.
Together, organics and inert material accounted for about 82 per cent of the waste.
The trend is no different from most urban centres of the country.
“This high percentage of organic material has often led to the suggestion that composting can be an appropriate and viable disposal MSW technique for the country,” the report said.
EKI Energy Services Ltd. (EKI) is a leading Carbon Credit Developer & Supplier globally listed on the Bombay Stock Exchange (BSE).
With over 15 years of experience, EKI is a market leader in climate change, carbon offset solutions, and carbon asset management, operating in 16 countries with over 3500 clients worldwide.
The Jospong Group of Companies on the other hand is a diversified holdings company in Ghana, operating across 14 sectors of the economy, with a significant presence in Waste Management, ICT, Banking, as well as Automobile and Equipment.
The Company’s operations extend to other African countries and Asia.
